00007983542023FYfalseP10YP4YP8YP4YP5YP1YP1YP1YP1Yhttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#AccountsPayableAndAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2023#PropertyPlantAndEquipmentNethttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#Revenueshttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTaxhttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTaxhttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeReclassificationAdjustmentsAndTaxP3YP3YP2YP3YP2Y25900007983542023-01-012023-12-310000798354us-gaap:CommonStockMember2023-01-012023-12-310000798354fi:SeniorNotesDue2027Member2023-01-012023-12-310000798354fi:SeniorNotesDue2030Member2023-01-012023-12-310000798354fi:SeniorNotesDue2025Member2023-01-012023-12-310000798354fi:A3000SeniorNotesDue2031Member2023-01-012023-12-310000798354fi:A4500SeniorNotesDue2031Member2023-01-012023-12-3100007983542023-06-30iso4217:USD00007983542024-02-16xbrli:shares0000798354fi:ProcessingAndServicesMember2023-01-012023-12-310000798354fi:ProcessingAndServicesMember2022-01-012022-12-310000798354fi:ProcessingAndServicesMember2021-01-012021-12-310000798354us-gaap:ProductMember2023-01-012023-12-310000798354us-gaap:ProductMember2022-01-012022-12-310000798354us-gaap:ProductMember2021-01-012021-12-3100007983542022-01-012022-12-3100007983542021-01-012021-12-31iso4217:USDxbrli:shares0000798354us-gaap:EquityMethodInvesteeMemberfi:RelatedPartyFeesMember2023-01-012023-12-310000798354us-gaap:EquityMethodInvesteeMemberfi:RelatedPartyFeesMember2022-01-012022-12-310000798354us-gaap:EquityMethodInvesteeMemberfi:RelatedPartyFeesMember2021-01-012021-12-310000798354us-gaap:ForeignExchangeContractMember2023-01-012023-12-310000798354us-gaap:ForeignExchangeContractMember2022-01-012022-12-310000798354us-gaap:ForeignExchangeContractMember2021-01-012021-12-310000798354us-gaap:TreasuryLockMember2023-01-012023-12-310000798354us-gaap:TreasuryLockMember2022-01-012022-12-310000798354us-gaap:TreasuryLockMember2021-01-012021-12-3100007983542023-12-3100007983542022-12-310000798354us-gaap:CustomerRelatedIntangibleAssetsMember2023-12-310000798354us-gaap:CustomerRelatedIntangibleAssetsMember2022-12-310000798354us-gaap:OtherIntangibleAssetsMember2023-12-310000798354us-gaap:OtherIntangibleAssetsMember2022-12-310000798354us-gaap:CommonStockMember2020-12-310000798354us-gaap:TreasuryStockCommonMember2020-12-310000798354us-gaap:AdditionalPaidInCapitalMember2020-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000798354us-gaap:RetainedEarningsMember2020-12-310000798354us-gaap:NoncontrollingInterestMember2020-12-3100007983542020-12-310000798354us-gaap:RetainedEarningsMember2021-01-012021-12-310000798354us-gaap:NoncontrollingInterestMember2021-01-012021-12-310000798354us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000798354srt:RevisionOfPriorPeriodReclassificationAdjustmentMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000798354srt:RevisionOfPriorPeriodReclassificationAdjustmentMemberus-gaap:RetainedEarningsMember2021-12-310000798354srt:RevisionOfPriorPeriodReclassificationAdjustmentMember2020-12-310000798354us-gaap:TreasuryStockCommonMember2021-01-012021-12-310000798354us-gaap:CommonStockMember2021-01-012021-12-310000798354us-gaap:CommonStockMember2021-12-310000798354us-gaap:TreasuryStockCommonMember2021-12-310000798354us-gaap:AdditionalPaidInCapitalMember2021-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000798354us-gaap:RetainedEarningsMember2021-12-310000798354us-gaap:NoncontrollingInterestMember2021-12-3100007983542021-12-310000798354us-gaap:RetainedEarningsMember2022-01-012022-12-310000798354us-gaap:NoncontrollingInterestMember2022-01-012022-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-12-310000798354us-gaap:AdditionalPaidInCapitalMember2022-01-012022-12-310000798354us-gaap:TreasuryStockCommonMember2022-01-012022-12-310000798354us-gaap:CommonStockMember2022-12-310000798354us-gaap:TreasuryStockCommonMember2022-12-310000798354us-gaap:AdditionalPaidInCapitalMember2022-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000798354us-gaap:RetainedEarningsMember2022-12-310000798354us-gaap:NoncontrollingInterestMember2022-12-310000798354us-gaap:RetainedEarningsMember2023-01-012023-12-310000798354us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000798354us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000798354us-gaap:TreasuryStockCommonMember2023-01-012023-12-310000798354us-gaap:CommonStockMember2023-12-310000798354us-gaap:TreasuryStockCommonMember2023-12-310000798354us-gaap:AdditionalPaidInCapitalMember2023-12-310000798354us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000798354us-gaap:RetainedEarningsMember2023-12-310000798354us-gaap:NoncontrollingInterestMember2023-12-310000798354fi:EuropeanMerchantServicesBVMember2023-12-31xbrli:pure0000798354fi:MerchantsUtilizingCloverCapitalCashAdvanceProgramMember2023-12-310000798354fi:MerchantsUtilizingCloverCapitalCashAdvanceProgramMember2022-12-310000798354fi:ForeignBanksAndAlliancePartnersMember2023-12-310000798354fi:ForeignBanksAndAlliancePartnersMember2022-12-310000798354fi:MerchantCreditLossesMember2023-01-012023-12-310000798354fi:MerchantCreditLossesMember2022-01-012022-12-310000798354fi:MerchantCreditLossesMember2021-01-012021-12-310000798354fi:MerchantCreditLossesMember2023-12-310000798354fi:MerchantCreditLossesMember2022-12-310000798354us-gaap:LandMember2023-12-310000798354us-gaap:LandMember2022-12-310000798354fi:DataProcessingEquipmentMembersrt:MinimumMember2023-12-310000798354srt:MaximumMemberfi:DataProcessingEquipmentMember2023-12-310000798354fi:DataProcessingEquipmentMember2023-12-310000798354fi:DataProcessingEquipmentMember2022-12-310000798354fi:BuildingsAndLeaseholdImprovementsMembersrt:MinimumMember2023-12-310000798354fi:BuildingsAndLeaseholdImprovementsMembersrt:MaximumMember2023-12-310000798354fi:BuildingsAndLeaseholdImprovementsMember2023-12-310000798354fi:BuildingsAndLeaseholdImprovementsMember2022-12-310000798354srt:MinimumMemberfi:FurnitureAndEquipmentMember2023-12-310000798354srt:MaximumMemberfi:FurnitureAndEquipmentMember2023-12-310000798354fi:FurnitureAndEquipmentMember2023-12-310000798354fi:FurnitureAndEquipmentMember2022-12-310000798354us-gaap:CustomerRelatedIntangibleAssetsMembersrt:MinimumMember2023-12-310000798354srt:MaximumMemberus-gaap:CustomerRelatedIntangibleAssetsMember2023-12-310000798354srt:MinimumMemberfi:AcquiredSoftwareAndTechnologyMember2023-12-310000798354srt:MaximumMemberfi:AcquiredSoftwareAndTechnologyMember2023-12-310000798354srt:MinimumMemberus-gaap:TradeNamesMember2023-12-310000798354srt:MaximumMemberus-gaap:TradeNamesMember2023-12-310000798354fi:NonCompeteAgreementMembersrt:MinimumMember2023-12-310000798354fi:NonCompeteAgreementMembersrt:MaximumMember2023-12-310000798354us-gaap:ComputerSoftwareIntangibleAssetMember2023-12-310000798354fi:CapitalizedSoftwareDevelopmentCostsMember2023-12-310000798354srt:MinimumMemberfi:MerchantPortfoliosMember2023-12-310000798354srt:MaximumMemberfi:MerchantPortfoliosMember2023-12-310000798354us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:NonUsMember2023-01-012023-12-310000798354us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:NonUsMember2022-01-012022-12-310000798354us-gaap:GeographicConcentrationRiskMemberus-gaap:RevenueFromContractWithCustomerMemberus-gaap:NonUsMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProcessingMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProcessingMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingMember2023-01-012023-12-310000798354fi:ProcessingMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:HardwarePrintAndCardProductionMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:HardwarePrintAndCardProductionMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:HardwarePrintAndCardProductionMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:HardwarePrintAndCardProductionMember2023-01-012023-12-310000798354fi:HardwarePrintAndCardProductionMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProfessionalServicesMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProfessionalServicesMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProfessionalServicesMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProfessionalServicesMember2023-01-012023-12-310000798354fi:ProfessionalServicesMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:SoftwareMaintenanceMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:SoftwareMaintenanceMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:SoftwareMaintenanceMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:SoftwareMaintenanceMember2023-01-012023-12-310000798354fi:SoftwareMaintenanceMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:LicenseAndTerminationFeesMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:LicenseAndTerminationFeesMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:LicenseAndTerminationFeesMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:LicenseAndTerminationFeesMember2023-01-012023-12-310000798354fi:LicenseAndTerminationFeesMember2023-01-012023-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2023-01-012023-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2023-01-012023-12-310000798354fi:OutputSolutionsPostageMemberfi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000798354fi:OutputSolutionsPostageMemberfi:CorporateReconcilingItemsAndEliminationsMember2023-01-012023-12-310000798354fi:OutputSolutionsPostageMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000798354us-gaap:ProductAndServiceOtherMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProcessingMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProcessingMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingMember2022-01-012022-12-310000798354fi:ProcessingMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:HardwarePrintAndCardProductionMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:HardwarePrintAndCardProductionMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:HardwarePrintAndCardProductionMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:HardwarePrintAndCardProductionMember2022-01-012022-12-310000798354fi:HardwarePrintAndCardProductionMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProfessionalServicesMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProfessionalServicesMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProfessionalServicesMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProfessionalServicesMember2022-01-012022-12-310000798354fi:ProfessionalServicesMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:SoftwareMaintenanceMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:SoftwareMaintenanceMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:SoftwareMaintenanceMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:SoftwareMaintenanceMember2022-01-012022-12-310000798354fi:SoftwareMaintenanceMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:LicenseAndTerminationFeesMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:LicenseAndTerminationFeesMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:LicenseAndTerminationFeesMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:LicenseAndTerminationFeesMember2022-01-012022-12-310000798354fi:LicenseAndTerminationFeesMember2022-01-012022-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2022-01-012022-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2022-01-012022-12-310000798354fi:OutputSolutionsPostageMemberfi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-12-310000798354fi:OutputSolutionsPostageMemberfi:CorporateReconcilingItemsAndEliminationsMember2022-01-012022-12-310000798354fi:OutputSolutionsPostageMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000798354us-gaap:ProductAndServiceOtherMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProcessingMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProcessingMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingMember2021-01-012021-12-310000798354fi:ProcessingMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:HardwarePrintAndCardProductionMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:HardwarePrintAndCardProductionMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:HardwarePrintAndCardProductionMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:HardwarePrintAndCardProductionMember2021-01-012021-12-310000798354fi:HardwarePrintAndCardProductionMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:ProfessionalServicesMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:ProfessionalServicesMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProfessionalServicesMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProfessionalServicesMember2021-01-012021-12-310000798354fi:ProfessionalServicesMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:SoftwareMaintenanceMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:SoftwareMaintenanceMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:SoftwareMaintenanceMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:SoftwareMaintenanceMember2021-01-012021-12-310000798354fi:SoftwareMaintenanceMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberfi:LicenseAndTerminationFeesMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberfi:LicenseAndTerminationFeesMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:LicenseAndTerminationFeesMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:LicenseAndTerminationFeesMember2021-01-012021-12-310000798354fi:LicenseAndTerminationFeesMember2021-01-012021-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2021-01-012021-12-310000798354fi:OutputSolutionsPostageMemberus-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2021-01-012021-12-310000798354fi:OutputSolutionsPostageMemberfi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000798354fi:OutputSolutionsPostageMemberfi:CorporateReconcilingItemsAndEliminationsMember2021-01-012021-12-310000798354fi:OutputSolutionsPostageMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductAndServiceOtherMember2021-01-012021-12-310000798354us-gaap:ProductAndServiceOtherMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:AcceptanceSegmentMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FintechSegmentMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMember2021-01-012021-12-3100007983542024-01-012023-12-3100007983542025-01-012023-12-3100007983542026-01-012023-12-3100007983542027-01-012023-12-3100007983542028-01-012023-12-310000798354fi:SalesCommissionsMember2023-12-310000798354fi:SalesCommissionsMember2022-12-310000798354fi:ConversionOrImplementationCostsMember2023-12-310000798354fi:ConversionOrImplementationCostsMember2022-12-310000798354fi:MerchantOneIncMember2022-12-202022-12-200000798354fi:MerchantOneIncMember2023-01-012023-12-310000798354fi:MerchantOneIncMember2023-06-300000798354fi:MerchantOneIncMember2022-12-200000798354fi:MerchantOneIncMemberfi:ResidualBuyoutIntangibleAssetsMember2022-12-200000798354fi:MerchantOneIncMemberfi:ResidualBuyoutIntangibleAssetsMember2022-12-202022-12-200000798354fi:MerchantOneIncMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-12-200000798354fi:MerchantOneIncMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-12-202022-12-200000798354fi:FinxactIncMember2022-04-012022-04-010000798354fi:FinxactIncMember2022-01-012022-12-310000798354fi:FinxactIncMember2022-04-010000798354fi:FinxactIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-04-010000798354fi:FinxactIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-04-012022-04-010000798354fi:FinxactIncMemberus-gaap:TradeNamesMember2022-04-010000798354fi:FinxactIncMemberus-gaap:TradeNamesMember2022-04-012022-04-010000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:FinxactIncMember2022-04-010000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:FinxactIncMember2022-04-012022-04-010000798354fi:BentoBoxCMSIncMember2021-11-222021-11-220000798354fi:BentoBoxCMSIncMember2022-01-012022-12-310000798354fi:BentoBoxCMSIncMember2021-11-220000798354fi:BentoBoxCMSIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-11-220000798354fi:BentoBoxCMSIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-11-222021-11-220000798354fi:BentoBoxCMSIncMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-11-220000798354fi:BentoBoxCMSIncMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-11-222021-11-220000798354fi:PineapplePaymentsHoldingsLLCMember2021-05-042021-05-040000798354fi:PineapplePaymentsHoldingsLLCMember2021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberus-gaap:CustomerRelatedIntangibleAssetsMember2021-05-042021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberfi:ResidualBuyoutIntangibleAssetsMember2021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberfi:ResidualBuyoutIntangibleAssetsMember2021-05-042021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-05-042021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberfi:NonCompeteAgreementsAndOtherIntangibleAssetsMember2021-05-040000798354fi:PineapplePaymentsHoldingsLLCMemberfi:NonCompeteAgreementsAndOtherIntangibleAssetsMember2021-05-042021-05-040000798354fi:OndotSystemsIncMember2021-01-222021-01-220000798354fi:OndotSystemsIncMember2021-01-012021-12-310000798354fi:OndotSystemsIncMember2021-01-220000798354fi:OndotSystemsIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-01-220000798354fi:OndotSystemsIncMemberus-gaap:TechnologyBasedIntangibleAssetsMember2021-01-222021-01-220000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:OndotSystemsIncMember2021-01-220000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:OndotSystemsIncMember2021-01-222021-01-220000798354fi:OndotSystemsIncMemberfi:NonCompeteAgreementsAndOtherIntangibleAssetsMember2021-01-220000798354fi:OndotSystemsIncMemberfi:NonCompeteAgreementsAndOtherIntangibleAssetsMember2021-01-222021-01-220000798354fi:SkytefAndSledMember2023-11-012023-11-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-06-012022-09-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-09-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-09-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:TechnologyBasedIntangibleAssetsMember2022-06-012022-09-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-09-010000798354us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:CustomerRelatedIntangibleAssetsMember2022-06-012022-09-010000798354fi:SpendLabsIncAndRadius8IncMember2021-03-012021-06-140000798354fi:SpendLabsIncAndRadius8IncMember2021-06-140000798354us-gaap:TechnologyBasedIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-140000798354us-gaap:TechnologyBasedIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-142021-06-140000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-140000798354us-gaap:CustomerRelatedIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-142021-06-140000798354fi:ResidualBuyoutIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-140000798354fi:ResidualBuyoutIntangibleAssetsMemberfi:SpendLabsIncAndRadius8IncMember2021-06-142021-06-140000798354fi:SpendLabsIncAndRadius8IncMember2021-06-142021-06-140000798354us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberfi:FinancialReconciliationBusinessMember2023-07-252023-07-250000798354us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberfi:FinancialReconciliationBusinessMember2023-01-012023-12-310000798354us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberfi:FinancialReconciliationBusinessMember2023-12-310000798354fi:FiservCostaRicaSAMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-10-170000798354fi:FiservCostaRicaSAMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-10-172022-10-170000798354fi:FiservCostaRicaSAMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-12-310000798354fi:KoreaOperationsMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-09-300000798354fi:KoreaOperationsMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2022-09-302022-09-300000798354fi:AcquiredSoftwareAndTechnologyMember2023-12-310000798354us-gaap:TradeNamesMember2023-12-310000798354fi:AcquiredSoftwareAndTechnologyMember2022-12-310000798354us-gaap:TradeNamesMember2022-12-310000798354us-gaap:ComputerSoftwareIntangibleAssetMember2022-12-310000798354fi:CapitalizedSoftwareDevelopmentCostsMember2022-12-310000798354fi:CapitalizedSoftwareDevelopmentCostsMember2023-01-012023-12-310000798354fi:CapitalizedSoftwareDevelopmentCostsMember2022-01-012022-12-310000798354fi:CapitalizedSoftwareDevelopmentCostsMember2021-01-012021-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2021-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2022-01-012022-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2022-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2023-01-012023-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMember2023-12-310000798354fi:BancofAmericaMerchantServicesMember2023-12-310000798354fi:BancofAmericaMerchantServicesMember2022-12-310000798354fi:SagentMember2022-01-012022-12-310000798354fi:LendingJointVenturesMember2023-12-310000798354fi:LendingJointVenturesMember2022-12-310000798354fi:OtherStrategicInvestmentsMember2023-12-310000798354fi:OtherStrategicInvestmentsMember2022-12-310000798354fi:VariableRateTermLoanFacilitiesDueApril2027Memberus-gaap:LineOfCreditMemberfi:TermLoanFacilitiesMember2023-12-310000798354us-gaap:LineOfCreditMemberfi:VariableRateRevolvingCreditFacilitiesDueApril2027Memberus-gaap:RevolvingCreditFacilityMember2023-12-310000798354fi:InvestCloudHoldingsLLCMember2021-01-012021-12-310000798354us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberfi:InvestCloudHoldingsLLCMember2021-06-302021-06-300000798354us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberfi:InvestCloudHoldingsLLCMember2021-01-012021-12-310000798354us-gaap:ForeignExchangeContractMembercurrency:INR2023-12-310000798354us-gaap:ForeignExchangeContractMembercurrency:INR2022-12-310000798354us-gaap:TreasuryLockMember2023-12-310000798354us-gaap:TreasuryLockMember2022-12-310000798354us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMembercurrency:EUR2023-12-31iso4217:EUR0000798354us-gaap:NetInvestmentHedgingMembercurrency:SGDus-gaap:CrossCurrencyInterestRateContractMember2023-12-31iso4217:SGD0000798354fi:A4500SeniorNotesDueMay2031Memberus-gaap:SeniorNotesMember2023-05-240000798354us-gaap:SeniorNotesMemberfi:A0.375SeniorNotesDueJuly2023Member2023-05-240000798354us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-12-310000798354us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2022-01-012022-12-310000798354us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2021-01-012021-12-310000798354us-gaap:NetInvestmentHedgingMemberfi:ForeignCurrencyDenominatedDebtMember2023-01-012023-12-310000798354us-gaap:NetInvestmentHedgingMemberfi:ForeignCurrencyDenominatedDebtMember2022-01-012022-12-310000798354us-gaap:NetInvestmentHedgingMemberfi:ForeignCurrencyDenominatedDebtMember2021-01-012021-12-310000798354us-gaap:NetInvestmentHedgingMember2023-01-012023-12-310000798354us-gaap:NetInvestmentHedgingMember2022-01-012022-12-310000798354us-gaap:NetInvestmentHedgingMember2021-01-012021-12-310000798354currency:GBPus-gaap:FairValueHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2023-12-31iso4217:GBP0000798354currency:GBPus-gaap:SeniorNotesMemberfi:A2.25SeniorNotesDueJuly2025Member2023-12-310000798354us-gaap:FairValueHedgingMemberus-gaap:CrossCurrencyInterestRateContractMembercurrency:EUR2023-12-310000798354us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:OtherNoncurrentAssetsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueHedgingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:FairValueHedgingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2023-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentLiabilitiesMember2022-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000798354us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-12-310000798354us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000798354us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000798354us-gaap:LineOfCreditMemberfi:VariableRateRevolvingCreditFacilitiesDueApril2027Memberus-gaap:RevolvingCreditFacilityMemberfi:LendingJointVenturesMember2022-04-012022-04-300000798354us-gaap:FinancialGuaranteeMember2022-12-310000798354fi:VariableRateRevolvingCreditFacilitiesDueApril2027Memberus-gaap:FinancialGuaranteeMemberfi:LendingJointVenturesMember2022-01-012022-12-310000798354fi:LendingSolutionsBusinessMemberus-gaap:FinancialGuaranteeMember2023-12-310000798354fi:LendingSolutionsBusinessMemberus-gaap:FinancialGuaranteeMember2022-12-310000798354fi:LendingSolutionsBusinessMember2023-01-012023-12-310000798354fi:LendingSolutionsBusinessMember2022-01-012022-12-310000798354fi:LendingSolutionsBusinessMember2021-01-012021-12-310000798354srt:MinimumMember2023-12-310000798354srt:MaximumMember2023-12-310000798354us-gaap:SalesMember2023-01-012023-12-310000798354us-gaap:SalesMember2022-01-012022-12-310000798354us-gaap:SalesMember2021-01-012021-12-310000798354us-gaap:CostOfSalesMember2023-01-012023-12-310000798354us-gaap:CostOfSalesMember2022-01-012022-12-310000798354us-gaap:CostOfSalesMember2021-01-012021-12-310000798354us-gaap:ForeignLineOfCreditMember2023-12-310000798354us-gaap:ForeignLineOfCreditMember2022-12-310000798354us-gaap:SeniorNotesMemberfi:A0.375SeniorNotesDueJuly2023Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A0.375SeniorNotesDueJuly2023Member2022-12-310000798354fi:A3.8SeniorNotesDue2023Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A3.8SeniorNotesDue2023Memberus-gaap:SeniorNotesMember2022-12-310000798354us-gaap:SeniorNotesMemberfi:A2.75SeniorNotesDueJuly2024Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A2.75SeniorNotesDueJuly2024Member2022-12-310000798354fi:A3.85SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A3.85SeniorNotesDue2025Memberus-gaap:SeniorNotesMember2022-12-310000798354us-gaap:SeniorNotesMemberfi:A2.25SeniorNotesDueJuly2025Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A2.25SeniorNotesDueJuly2025Member2022-12-310000798354fi:A3.2SeniorNotesDueJuly2026Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A3.2SeniorNotesDueJuly2026Memberus-gaap:SeniorNotesMember2022-12-310000798354fi:A2.25SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A2.25SeniorNotesDue2027Memberus-gaap:SeniorNotesMember2022-12-310000798354us-gaap:SeniorNotesMemberfi:A1.125SeniorNotesDueJuly2027Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A1.125SeniorNotesDueJuly2027Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A545SeniorNotesDueMarch2028Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A545SeniorNotesDueMarch2028Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A5375SeniorNotesDueAugust2028Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A5375SeniorNotesDueAugust2028Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A4.2SeniorNotesDue2028Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A4.2SeniorNotesDue2028Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A3.5SeniorNotesDueJuly2029Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A3.5SeniorNotesDueJuly2029Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A2.65SeniorNotesDue2030Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A2.65SeniorNotesDue2030Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A1.625SeniorNotesDueJuly2030Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A1.625SeniorNotesDueJuly2030Member2022-12-310000798354fi:A4500SeniorNotesDueMay2031Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A4500SeniorNotesDueMay2031Memberus-gaap:SeniorNotesMember2022-12-310000798354us-gaap:SeniorNotesMemberfi:A3.0SeniorNotesDueJuly2031Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A3.0SeniorNotesDueJuly2031Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A56SeniorNotesDueMarch2033Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A56SeniorNotesDueMarch2033Member2022-12-310000798354us-gaap:SeniorNotesMemberfi:A5625SeniorNotesDueAugust2033Member2023-12-310000798354us-gaap:SeniorNotesMemberfi:A5625SeniorNotesDueAugust2033Member2022-12-310000798354fi:A4.4SeniorNotesDueJuly2049Memberus-gaap:SeniorNotesMember2023-12-310000798354fi:A4.4SeniorNotesDueJuly2049Memberus-gaap:SeniorNotesMember2022-12-310000798354us-gaap:CommercialPaperMemberfi:USUnsecuredCommercialPaperNotesMember2023-12-310000798354us-gaap:CommercialPaperMemberfi:USUnsecuredCommercialPaperNotesMember2022-12-310000798354us-gaap:CommercialPaperMemberfi:EuroUnsecuredCommercialPaperNotesMember2023-12-310000798354us-gaap:CommercialPaperMemberfi:EuroUnsecuredCommercialPaperNotesMember2022-12-310000798354us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2023-12-310000798354us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2022-12-310000798354us-gaap:LineOfCreditMemberfi:TermLoanFacilityMember2023-12-310000798354us-gaap:LineOfCreditMemberfi:TermLoanFacilityMember2022-12-310000798354us-gaap:SeniorNotesMember2023-12-310000798354us-gaap:SeniorNotesMember2023-01-012023-12-310000798354us-gaap:SeniorNotesMember2023-08-210000798354us-gaap:SeniorNotesMemberfi:A5375SeniorNotesDueAugust2028Member2023-08-210000798354us-gaap:SeniorNotesMemberfi:A5625SeniorNotesDueAugust2033Member2023-08-210000798354us-gaap:SeniorNotesMemberfi:A38SeniorNotesDueOctober2023Member2023-10-310000798354us-gaap:SeniorNotesMemberfi:A0.375SeniorNotesDueJuly2023Member2023-07-310000798354us-gaap:SeniorNotesMember2023-03-020000798354us-gaap:SeniorNotesMemberfi:A545SeniorNotesDueMarch2028Member2023-03-020000798354us-gaap:SeniorNotesMemberfi:A56SeniorNotesDueMarch2033Member2023-03-020000798354us-gaap:CommercialPaperMemberfi:USUnsecuredCommercialPaperNotesMember2023-01-012023-12-310000798354us-gaap:CommercialPaperMemberfi:EuroUnsecuredCommercialPaperNotesMember2023-01-012023-12-31iso4217:BRL0000798354fi:CertificadoDeDepositoInterbancarioCDIMemberus-gaap:ForeignLineOfCreditMember2023-04-012023-04-300000798354country:ARus-gaap:ForeignLineOfCreditMember2023-12-310000798354country:ARus-gaap:ForeignLineOfCreditMember2022-12-310000798354country:BRus-gaap:ForeignLineOfCreditMember2023-12-310000798354country:BRus-gaap:ForeignLineOfCreditMember2022-12-310000798354country:UYus-gaap:ForeignLineOfCreditMember2023-12-310000798354country:UYus-gaap:ForeignLineOfCreditMember2022-12-310000798354fi:OtherMemberus-gaap:ForeignLineOfCreditMember2023-12-310000798354fi:OtherMemberus-gaap:ForeignLineOfCreditMember2022-12-310000798354fi:LoansPayableAndSeniorNotesMember2023-12-310000798354fi:LoansPayableAndSeniorNotesMember2022-12-310000798354us-gaap:RevolvingCreditFacilityMember2023-12-310000798354us-gaap:RevolvingCreditFacilityMember2022-12-310000798354fi:FirstDataMember2023-12-31fi:joint_venture0000798354fi:FirstDataJointVentureMember2023-12-310000798354fi:FirstDataJointVentureMember2021-01-012021-12-310000798354fi:FirstDataJointVentureMember2022-01-012022-12-310000798354us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-12-310000798354us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000798354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000798354us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-012023-12-310000798354us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-12-310000798354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-12-310000798354us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000798354us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000798354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000798354us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310000798354us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000798354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000798354us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-12-310000798354us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-12-310000798354us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-3100007983542022-01-012022-01-010000798354srt:ScenarioForecastMember2024-01-012024-12-310000798354country:GB2022-12-310000798354country:GB2021-12-310000798354fi:UnitedStatesAndOtherForeignPensionPlansDefinedBenefitMember2022-12-310000798354fi:UnitedStatesAndOtherForeignPensionPlansDefinedBenefitMember2021-12-310000798354country:GB2023-01-012023-12-310000798354country:GB2022-01-012022-12-310000798354fi:UnitedStatesAndOtherForeignPensionPlansDefinedBenefitMember2023-01-012023-12-310000798354fi:UnitedStatesAndOtherForeignPensionPlansDefinedBenefitMember2022-01-012022-12-310000798354country:GB2023-12-310000798354fi:UnitedStatesAndOtherForeignPensionPlansDefinedBenefitMember2023-12-31fi:investment_pool0000798354us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2023-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeSecuritiesMember2023-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2023-12-310000798354us-gaap:FairValueInputsLevel1Memberfi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354fi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000798354us-gaap:FairValueInputsLevel3Memberfi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2022-12-310000798354us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FixedIncomeSecuritiesMember2022-12-310000798354us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FixedIncomeSecuritiesMember2022-12-310000798354us-gaap:FairValueInputsLevel1Memberfi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354fi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000798354us-gaap:FairValueInputsLevel3Memberfi:DefinedBenefitPlanOtherInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000798354us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMember2023-12-310000798354us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMember2022-12-310000798354srt:MinimumMemberfi:TimeBasedRestrictedStockUnitsRSUsMember2023-01-012023-12-310000798354srt:MaximumMemberfi:TimeBasedRestrictedStockUnitsRSUsMember2023-01-012023-12-310000798354srt:MinimumMemberfi:PerformanceBasedRestrictedStockUnitsRSUsMember2023-01-012023-12-310000798354srt:MaximumMemberfi:PerformanceBasedRestrictedStockUnitsRSUsMember2023-01-012023-12-310000798354us-gaap:PerformanceSharesMembersrt:MinimumMember2023-01-012023-12-310000798354srt:MaximumMemberus-gaap:PerformanceSharesMember2023-01-012023-12-310000798354srt:MinimumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-12-310000798354srt:MaximumMemberus-gaap:EmployeeStockOptionMember2023-01-012023-12-310000798354us-gaap:EmployeeStockOptionMember2023-01-012023-12-310000798354us-gaap:EmployeeStockMember2021-01-012021-01-010000798354us-gaap:EmployeeStockOptionMember2022-01-012022-12-310000798354us-gaap:EmployeeStockOptionMember2021-01-012021-12-310000798354fi:RestrictedStockUnitsAndRestrictedStockAwardsMember2022-12-310000798354us-gaap:PerformanceSharesMember2022-12-310000798354fi:RestrictedStockUnitsAndRestrictedStockAwardsMember2023-01-012023-12-310000798354us-gaap:PerformanceSharesMember2023-01-012023-12-310000798354fi:RestrictedStockUnitsAndRestrictedStockAwardsMember2023-12-310000798354us-gaap:PerformanceSharesMember2023-12-310000798354us-gaap:PerformanceSharesMemberfi:FinxactIncMembersrt:MinimumMember2023-01-012023-12-310000798354srt:MaximumMemberus-gaap:PerformanceSharesMemberfi:FinxactIncMember2023-01-012023-12-310000798354us-gaap:EmployeeStockMember2023-01-012023-12-310000798354us-gaap:EmployeeStockMember2021-01-012021-12-310000798354us-gaap:EmployeeStockMember2022-01-012022-12-310000798354us-gaap:EmployeeStockMember2023-12-310000798354us-gaap:DomesticCountryMember2023-12-310000798354us-gaap:DomesticCountryMember2022-12-310000798354us-gaap:StateAndLocalJurisdictionMember2023-12-310000798354us-gaap:StateAndLocalJurisdictionMember2022-12-310000798354us-gaap:ForeignCountryMember2023-12-310000798354us-gaap:ForeignCountryMember2022-12-310000798354fi:ForeignTaxCreditCarryforwardMember2023-12-310000798354fi:ForeignTaxCreditCarryforwardMember2022-12-310000798354fi:TaxYear2024Through2043Memberus-gaap:ForeignCountryMember2023-12-310000798354fi:SubsidiaryMerchantMattersMember2023-12-310000798354fi:SubsidiaryMerchantMattersMember2022-12-310000798354srt:MinimumMemberfi:SubsidiaryMerchantMattersMember2023-12-310000798354srt:MaximumMemberfi:SubsidiaryMerchantMattersMember2023-12-310000798354fi:GoodsAndServicesTaxHarmonizedSalesTaxLawChangeMember2023-01-012023-12-310000798354srt:AffiliatedEntityMember2023-01-012023-12-310000798354srt:AffiliatedEntityMember2022-01-012022-12-310000798354srt:AffiliatedEntityMember2021-01-012021-12-310000798354srt:AffiliatedEntityMember2023-12-310000798354srt:AffiliatedEntityMember2022-12-310000798354us-gaap:EquityMethodInvesteeMember2023-01-012023-12-310000798354us-gaap:EquityMethodInvesteeMember2022-01-012022-12-310000798354us-gaap:EquityMethodInvesteeMember2021-01-012021-12-310000798354srt:DirectorMemberfi:ValueActCapitalMasterFundLPMember2023-08-072023-08-070000798354srt:DirectorMemberfi:ValueActCapitalMasterFundLPMember2023-08-070000798354srt:DirectorMemberfi:ValueActCapitalMasterFundLPMember2023-02-220000798354fi:FiservMemberfi:NewOmahaHoldingsMember2021-05-032021-05-030000798354fi:NewOmahaHoldingsMember2021-05-032021-05-030000798354fi:FiservMemberfi:NewOmahaHoldingsMember2021-05-020000798354fi:FiservMemberfi:NewOmahaHoldingsMember2021-05-040000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMemberfi:ProcessingAndServicesMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingAndServicesMember2023-01-012023-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2023-01-012023-12-310000798354us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberfi:FinancialInstitutionServicesSegmentMember2023-01-012023-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2023-01-012023-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductMember2023-01-012023-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMemberfi:ProcessingAndServicesMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingAndServicesMember2022-01-012022-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2022-01-012022-12-310000798354us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberfi:FinancialInstitutionServicesSegmentMember2022-01-012022-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2022-01-012022-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductMember2022-01-012022-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMemberfi:ProcessingAndServicesMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberfi:ProcessingAndServicesMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberfi:ProcessingAndServicesMember2021-01-012021-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberus-gaap:ProductMemberfi:FinancialInstitutionServicesSegmentMember2021-01-012021-12-310000798354fi:PaymentsSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:ProductMember2021-01-012021-12-310000798354fi:CorporateReconcilingItemsAndEliminationsMemberus-gaap:ProductMember2021-01-012021-12-310000798354fi:FirstDataSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000798354us-gaap:OperatingSegmentsMemberfi:FinancialInstitutionServicesSegmentMember2021-01-012021-12-310000798354us-gaap:GeographicConcentrationRiskMemberus-gaap:NonUsMemberfi:LongLivedAssetsMember2023-01-012023-12-310000798354us-gaap:GeographicConcentrationRiskMemberus-gaap:NonUsMemberfi:LongLivedAssetsMember2022-01-012022-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-01-012023-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2023-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2022-01-012022-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2020-12-310000798354us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember2021-01-012021-12-3100007983542023-10-012023-12-310000798354fi:GuyChiarelloMember2023-10-012023-12-310000798354fi:GuyChiarelloMember2023-12-31
Table of Contents                                 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended:          December 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number:          1-38962
Fiserv, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Wisconsin 39-1506125
(State or Other Jurisdiction of
Incorporation or Organization)
 (I. R. S. Employer
Identification No.)
255 Fiserv DriveBrookfield,WI53045
(Address of Principal Executive Offices and zip code)
(262) 879-5000
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFIThe New York Stock Exchange
1.125% Senior Notes due 2027FI27The New York Stock Exchange
1.625% Senior Notes due 2030FI30The New York Stock Exchange
2.250% Senior Notes due 2025FI25The New York Stock Exchange
3.000% Senior Notes due 2031FI31The New York Stock Exchange
4.500% Senior Notes due 2031FI31AThe New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act:            None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes      No  
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes      No  
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company


Table of Contents                                 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  
The aggregate market value of the common stock of the registrant held by non-affiliates as of June 30, 2023 (the last trading day of the second fiscal quarter) was $76,750,418,162 based on the closing price of the registrant’s common stock on the NASDAQ Global Select Market on that date. The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at February 16, 2024 was 590,402,536.
DOCUMENTS INCORPORATED BY REFERENCE
Part III of this report incorporates information by reference to the registrant’s proxy statement for its 2024 annual meeting of shareholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, 2023.


Table of Contents                                 
TABLE OF CONTENTS
Page    
PART I
Item 1.
Item 1A.
Item 1B.
Item 1C.
Item 2.
Item 3.
Item 4.
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
Item 9C.
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
Item 16.

i

Table of Contents                                 
FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe our future plans, objectives or goals are also forward-looking statements.
The forward-looking statements in this report involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, a recession, bank failures, or intensified international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our strategic initiatives; our ability to attract and retain key personnel; volatility and disruptions in financial markets that may impact our ability to access preferred sources of financing and the terms on which we are able to obtain financing or increase our costs of borrowing; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in this Annual Report on Form 10-K for the year ended December 31, 2023 and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements, which speak only as of the date of this report. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this report. We are not including the information provided on the websites referenced herein as part of, or incorporating such information by reference into, this Annual Report on Form 10-K.
1

Table of Contents                                 
PART I
In this report, all references to “we,” “us,” “our” and “Fiserv” refer to Fiserv, Inc. (“Fiserv”), and, unless the context otherwise requires, its consolidated subsidiaries.
Item 1.  Business
Overview
Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. We are publicly traded on the New York Stock Exchange and part of the S&P 500 Index. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions and corporate clients. We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale (“POS”) and business management platform. Most of the products and services we provide are necessary for our clients to operate their businesses and are, therefore, non-discretionary in nature. We serve our global client base by working among our geographic teams across various regions, including the United States of America (“U.S.”) and Canada; Europe, Middle East and Africa; Latin America; and Asia Pacific.
In 2023, we had $19.1 billion in total revenue, $5.0 billion in operating income and $5.2 billion of net cash provided by operating activities. Processing and services revenue, which in 2023 represented 82% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates. We have operations and offices located both within the U.S. and Canada, and internationally. Revenue from products and services as a percentage of total revenue were as follows:
Year Ended December 31,
(In millions)202320222021
Total revenue$19,093 $17,737 $16,226 
Domestic85 %86 %86 %
International (1)
15 %14 %14 %
(1) Represents revenue in the following international regions: EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APAC (Asia-Pacific).
We have grown our business organically and through acquisitions by signing new clients, expanding the products and services we provide to existing clients, offering new and enhanced products and services developed through innovation and acquisition, and extending our capabilities geographically, all of which have enabled us to deliver a wide range of products and services and created new opportunities for growth. Our operations are comprised of the Merchant Acceptance (“Acceptance”) segment, the Financial Technology (“Fintech”) segment and the Payments and Network (“Payments”) segment.
Our headquarters are located at 255 Fiserv Drive, Brookfield, Wisconsin 53045, and our telephone number is (262) 879-5000. We are relocating our global headquarters location to Milwaukee, Wisconsin in March 2024.
Acceptance
The businesses in our Acceptance segment provide a wide range of commerce-enabling solutions and serve merchants of all sizes around the world. Acceptance solutions enable businesses to securely accept payment transactions online or in-person. Payment transactions include credit, debit, stored-value and loyalty payments online or through a physical POS or mobile device, such as a smartphone or tablet.
The solutions in this segment include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; Clover, our cloud-based POS and integrated commerce operating system for small and mid-sized businesses (“SMBs”) and independent software vendors (“ISVs”); and Carat, our integrated operating system for large businesses. The businesses in our Acceptance segment distribute products and services through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, ISVs, financial institutions, and other strategic partners in the form of joint venture alliances, revenue sharing alliances (“RSAs”), and referral agreements. Merchants, financial institutions and distribution partners in the Acceptance segment are frequently clients of our other segments.
2

Table of Contents                                 
Clover
Clover is our cloud-based POS and integrated commerce operating system for SMBs and ISVs designed for business management. The Clover platform includes hardware and software technology necessary to enable SMB merchants to accept payments, process transactions, provide online ordering, maintain an e-commerce presence, and generate consumer loyalty through Clover’s customer engagement tools. By integrating next-generation hardware and software-as-a-service (“SaaS”) applications, along with value-added solutions, Clover has become a leader in enabling omnichannel commerce solutions for SMBs and ISVs, with touchless commerce through QR code-based payments, online ordering solutions, and virtual terminals. We also offer small business owners access to capital through our Clover Capital cash advance program.
Carat
Carat is our integrated operating system for large businesses, designed to enable clients to accept more payments, engage more customers, and optimize commerce. Carat helps clients maximize approval rates, reduce declines, lower fraud and chargebacks, reduce costs and improve the customer experience by enabling new capabilities, such as buying online, picking up in store or ordering ahead. Through this integrated operating system, numerous payment and commerce solutions can be accessed, including payment acceptance, payments optimization, network routing, fraud detection, online electronic benefits transfers and digital payouts. This wide variety of services enables Carat to help clients create more revenue, reduce their cost of payments, reach more consumers, and enable innovative omnichannel transactions such as voice-enabled commerce and payments.
Distribution Channels and Partnerships
Acceptance segment businesses distribute solutions and services through direct sales teams, as well as indirect sales channels, such as agent sales forces, ISVs, value-added resellers (“VARs”), and payment service providers (“PSPs”). We provide agent sales forces, ISVs, VARs and PSPs with specialized sales capabilities and integrated merchant technology solutions to help them grow their businesses and manage their portfolios. Partner technology tools enable real-time access to portfolio activity and pricing management. We also provide marketing services, data analytics and other tools that enable partners to further expand their businesses in local communities, specific industry verticals, and through e-commerce channels.
In addition, the businesses in our Acceptance segment leverage powerful sales capabilities for financial institution and non-financial institution partners to distribute their products and solutions through strategic arrangements including joint venture alliances, RSAs and referral agreements. These strategic alliances combine our commerce-enabling technology, processing capabilities and management expertise with the distribution capabilities, footprint and customer relationships of our partners.
Fintech
The businesses in our Fintech segment provide financial institutions around the world with the technology solutions they need to run their operations, including products and services that enable financial institutions to process customer deposit and loan accounts and manage an institution’s general ledger and central information files. As a complement to the core account processing functionality, the Fintech segment businesses also provide digital banking, financial and risk management, professional services and consulting, check processing, and other products and services that support numerous types of financial transactions. Certain of the businesses in the Fintech segment provide products or services to corporate clients to facilitate the management of financial processes and transactions. Many of the products and services offered in the Fintech segment are integrated with products and services provided by our other segments.
Core Account Processing Solutions
We provide account servicing and management technology products and services to our depository institution clients, as well as a range of integrated, value-added banking products and services. Account processing solutions enable a financial institution to operate systems that process customer deposit and loan accounts, an institution’s general ledger, central information files and other financial information. These solutions also include security, report generation and other features that financial institutions need to process transactions for their customers. Although many of our clients obtain a majority of their processing requirements from us, our software design allows clients to start with one application and, as needed, add applications and features developed by us or by third parties. We support a broad range of client-owned peripheral devices manufactured by a variety of vendors, which reduce a new client’s initial conversion expenses, enhance existing clients’ ability to change technology and broaden our market opportunity.
The principal account processing solutions used by our depository institution clients are Finxact, Cleartouch®, DNA®, Precision®, Premier®, Signature® and Portico®. All of these systems are available in the U.S., and the DNA and Signature platforms are also available globally. Account processing solutions are offered primarily as an outsourced service or can be installed on client-owned computer systems or those hosted by third parties.
3

Table of Contents                                 
Our account processing business also provides consulting services, business operations services and related software products that enable the transition of check capture from branch and teller channels to digital self-service deposit channels, including mobile, merchant and ATM. Through the Fiserv® Clearing Network, we provide check clearing and image exchange services. Other products and services include image archive with online retrieval, in-clearings, exceptions and returns, statements, and fraud detection.
Our deposit liquidity solutions enable our clients to retain, monetize and grow their deposit account base while analyzing customer demand and enabling customer short-term liquidity. Our decision management solutions include Nautilus®, a content management product, and Prologue Financials, which combines enterprise performance management and financial control offerings to deliver budgeting, planning, financial accounting, and automated reconciliation and account certification tools to our clients. These solutions are further complemented by fraud detection and mitigation through our fraud and financial crime risk management solutions.
Digital Financial Solutions
Our digital financial solutions business includes Experience Digital (“XD”), our principal consumer and business digital banking platform, which includes our Configure, Architect, Corillian Online®, Mobiliti and Create products. XD is a cloud-based platform that enables customers to perform balance inquiries, view their transaction history and access electronic bill payments, person-to-person digital payments, card services, account and loan originations, funds transfer and personal financial management tools. XD can be highly customized and integrated to multiple products and services, allowing clients to deploy new services quickly and efficiently to increase customer acquisition, engagement and insights.
Enterprise Payment Solutions
Our enterprise payment solutions products and services enable operating efficiencies and management insight by providing financial institutions with the infrastructure they need to process, route and settle non-card-based electronic payments, including Automated Clearing House (“ACH”), wire and instant payments, and to efficiently manage associated information flows. Our enterprise payment solutions business includes our Payments Exchange platform, which provides multiple payment capabilities, including domestic and international wire transfers and real time payments connection to the FedNow Service and RTP Network. Enterprise Payments Platform is a multi-entity, multi-country, multi-currency, multi-clearings, single payments platform processing all payment types, connecting financial institutions to clearings and correspondents wherever they operate. PEP+ is another enterprise payment solutions offering, which is a mainframe system that allows financial institutions to automatically receive and originate electronic payments through the ACH network in a straight-through processing manner. Clients may use our payment platform applications on a licensed or hosted basis, and as an add-on to existing legacy technology or as a stand-alone comprehensive modern payments platform.
Payments
The businesses in our Payments segment provide financial institutions and corporate and public sector clients with the products and services required to process digital payment transactions. This includes card transactions such as debit, credit and prepaid card processing and services; a range of network services such as funds access, debit payments, cardless ATM access and surcharge-free ATM networks; security and fraud protection products; and card production and print services. In addition, the Payments segment businesses offer non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, electronic billing, and security and fraud protection products. Clients of the Payments segment businesses reflect a wide range of industries, including merchants, distribution partners and financial institutions customers in our other segments.
Debit and Network Processing
Our debit and network processing business provides a comprehensive payments solution through a variety of products and services. We provide financial institution clients with a full range of debit processing services, including tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products. Our debit processing also provides security, risk and fraud management solutions, which incorporate machine-learning-based predictive technology, that help financial institutions securely operate and grow their business by preventing fraud. CardHub provides our clients’ customers with mobile, customizable card management and alert tools that drive engagement and revenue for card issuers. Credit Choice, a fully managed credit card issuing-as-a-service solution, allows community financial institutions to offer their customers a branded credit card that is integrated into their debit solutions without the operational burden of managing their own credit card portfolio.
4

Table of Contents                                 
We own and operate the Accel®, STAR® and MoneyPass® networks, which provide access to funds for debit card purchases through any physical and online channel, with or without a PIN/signature; and support transactions at ATMs, with or without a surcharge, including CardFree Cash. These networks are available to all issuers and merchants in the U.S.
Credit Processing
Our credit processing business provides solutions to financial institutions and other issuers of credit, such as group service providers, retailers and consumer finance companies, to enable them to process credit card transactions on behalf of their customers. Depending on the needs of our client, we deliver these solutions through our proprietary processing platforms, software application licenses, or software-as-a-service hosted in the cloud. Our solutions in North America primarily use our Optis platform to provide transaction authorization and posting, account maintenance and settlement. Our VisionPLUS® software is used outside of the U.S. as both a processing solution and a licensed software solution that enables some clients to process transactions on their own. We also provide financial institutions with solutions that support the lifecycle of a cardholder, including acquisition, fraud detection, credit risk management, servicing, collections and professional services.
Output Solutions
Our Output Solutions business provides business statement and card products and services to clients across a wide variety of industries, including financial services, healthcare, retail, utilities, telecommunications, insurance and travel and entertainment. Our products and services include electronic document management through our electronic document delivery products and services; card manufacturing, personalization and mailing; statement production and mailing; and design and fulfillment of direct mail services.
Digital and Bill Payments
Our digital and bill payments business is comprised of electronic bill payment and presentment services, as well as other digital payment solutions for businesses and consumers, including person-to-person payments, account-to-account transfers and account opening and funding. Our principal electronic bill payment and presentment product for financial and other institutions, CheckFree® RXP®, allows our clients’ customers to manage household bills via an easy-to-use, online tool; view billing and payment information; pay and manage all of their bills in one place; and complete same-day or next-day bill payments to a wide range of billers and others. In addition, CashFlow Central, an integrated digital payment and cash flow management experience, enables financial institutions to better meet the payments needs of small businesses.
Our person-to-person payments and account-to-account transfer services allow consumers a convenient way to send and receive money while offering financial institutions the opportunity to generate new transaction-based revenue, attract new accounts and increase loyalty among existing customers. We partner with Early Warning Services, LLC to offer a turnkey implementation of its Zelle® real-time person-to-person payments service. Our turnkey solution simplifies the implementation of Zelle by providing interface, risk management, alerting, settlement and other services to clients.
Biller Solutions
Our biller solutions business provides electronic billing and payment services to companies that deliver bills to their customers, such as utilities, telephone and cable companies, lending institutions and insurance providers. These services enable our clients to reduce costs, collect payments faster through multiple channels and increase customer satisfaction, and provide customers flexible, easy-to-use ways to view and pay their bills. Our clients’ customers access our electronic billing and payment systems by viewing or paying a bill through a financial institution’s bill payment application, using a biller’s website, mobile application, automated phone system or customer service representative, or by paying in-person at one of the many nationwide walk-in payment locations. Because our biller clients are able to receive all of these services from us, we can eliminate the operational complexity and expense of supporting multiple vendor systems or in-house-developed systems.
Prepaid Solutions
Our prepaid solutions include stored value cards offered by our Gift Solutions and Money Network® businesses. The Gift Solutions business provides end-to-end, omnichannel solutions to securely implement and manage gift card programs that help clients drive revenue, engagement and loyalty. These solutions include physical and digital gift card fulfillment, program management, e-commerce gift card storefronts, security and fraud protection, transaction processing services, incentive and rebate cards as well as reloadable and non-reloadable prepaid cards that may be used with a variety of mobile applications. The Money Network service simplifies payment distribution for organizations while reducing or eliminating expenses associated with issuing traditional paper checks. This service also provides consumers without bank accounts with fast, digital access to their money, including wages. Money Network solutions include Electronic Payroll Delivery, government disbursements, digital disbursements and corporate incentives as well as single-load and reloadable prepaid account options. Account holders
5

Table of Contents                                 
of the Money Network Electronic Payroll Delivery Service have access to a Money Network Card, Money Network Checks and a robust mobile app to manage their account anytime, anywhere.
Segment Realignment
We are effecting changes in our business designed to further enhance operational performance in the delivery of our integrated portfolio of products and solutions to our financial institution clients. As a result, we expect to realign our reportable segments to correspond with these organizational changes, which we expect to be completed effective for the quarter ending March 31, 2024. We continue to allocate resources and assess performance based on the current reportable segment structure.
Our Strategy
Our aspiration is to move money and information in a way that moves the world. Our purpose is to deliver superior value for our clients through leading technology, targeted innovation and excellence in everything we do. We are focused on operating businesses where we have: deep industry expertise that enables us to serve the market with high effectiveness; a strong competitive position, currently or via a clear path in the foreseeable future; long-term, trusted client relationships that are based on recurring services and transactions; differentiated solutions that deliver value to our clients through integration and innovation; and strong management to execute strategies in a disciplined manner. Consistent with this focus, we continue to operate our business in accordance with the following strategic framework:
Client Relationship Value. We plan to increase the number and breadth of our client relationships by, among other actions: continuing to integrate our products and services; introducing new products and services that are aligned with market needs; combining products and services to deliver enhanced, integrated value propositions; and delivering quality service and support for our clients.
Innovation. We seek to be an innovation leader, utilizing our assets and capabilities to be at the forefront of our industry and enable our clients to deliver best-in-class results.
Operational Effectiveness. We believe we can further improve the quality of our client delivery while reducing our costs by using the opportunities created by our size and scale.
Portfolio Management. We expect to acquire businesses when we identify: a compelling strategic need, such as a product, service or technology that helps meet client demand; an opportunity to change industry dynamics; a way to achieve business scale that enables competition and operational efficiency; or similar considerations. We expect to divest businesses that are not in line with our market, product or financial strategies.
Capital Discipline. We intend to make capital allocation decisions that offer the best prospects for our long-term growth and profitability, which may include, among other matters: internal investment; repayment of debt; repurchases of our own shares; or acquisitions.
Servicing the Market
The financial technology industry is highly dynamic, with new innovations entering the market and driving the expectations of our clients globally. The markets for our solutions have specific needs and requirements, with strong emphasis placed by clients on quality, security, service reliability, timely introduction of new capabilities and features, flexibility and value. This requires us to continue our focus on product and service delivery, integration and innovation to meet and exceed the specific needs of our clients. We believe that our financial strength and specialized market knowledge enable us to support our clients to meet their changing preferences. In addition, we believe that our focus on quality, innovation, client service and our commitment of substantial resources to training and technical support helps us to identify and fulfill the needs of our clients.
Product Development
To meet the changing technology needs of our clients, we continually develop, maintain and enhance our products and systems. Our development and technology operations apply the expertise of multiple teams to design, develop and maintain specialized products and processing systems. Our products and solutions are designed to meet the preferences and diverse requirements of the international, national, regional or local market-specific merchant and financial services environments of our clients. In developing our products, we use current software development principles, such as service-oriented architecture, to create efficiencies, and we stress interaction with and responsiveness to the needs of our clients. In addition, we use our data and artificial intelligence (“AI”) to help us create new products and services and to enhance existing ones. We currently use AI in a variety of ways, including to enable higher quality customer service experiences, platform analytics, and fraud mitigation across a number of solutions.
6

Table of Contents                                 
Resources
Our business depends on a variety of resources to operate including products and services provided to us by third parties. For example, we rely on our human capital resources for product development (including product design and coding), sales, operations (including customer service, technology support, security and compliance) and management; access to financial and telecommunication networks; computers, servers, mainframes, microchips and other computer equipment; and Clover and other POS devices. We periodically review our resource requirements and sources, as well as our relationships with key vendors, to best meet the needs of our business including global sourcing efforts and alternate supplier resourcing. We believe we have access to the resources necessary for our current business needs. More information regarding supply chain risks can be found under the heading “Competitive and Business Risks in the Risk Factors section of this report and our human capital resources can be found below under the heading “Human Capital.”
Intellectual Property
We regard our software, transaction processing services and related products as proprietary, and we use a combination of patent, copyright, trademark and trade secret laws, internal security practices, employee confidentiality and assignment agreements, and third-party non-disclosure agreements to protect our intellectual property assets. Our patents cover innovations relating to numerous financial software and hardware products and services, and we continue, where appropriate, to seek and secure patents with respect to our ongoing innovations. We believe that we possess all proprietary rights necessary to conduct our business.
Competition
The market for technology products and services in the industries we serve is fragmented, highly competitive, and served by a multitude of large and small businesses. Our principal competitors include other large, integrated providers of financial services technology and payment systems, data processing affiliates of large companies, processing centers owned or operated as user cooperatives, financial institutions, merchant acquirers, ISOs, ISVs, payments companies and payment network operators. Our competitors also include global and local IT product and services companies and payment service providers and processors. We expect competition to continue to increase as new companies enter our markets and existing competitors expand or consolidate their product lines and services. Some of these competitors possess substantial financial, sales and marketing resources and can compete with us in various ways, including through the use of integrated product offerings and through pricing and long-standing relationships. Depending on the product or service, competitive factors may include quality, security, innovation, breadth or novelty of features and functionality, client satisfaction, market opportunity, integration, reliability, agility, global reach, multiple distribution channels, service reliability and performance standards, timely introduction of new products and features, platform scalability and flexibility, and value. We believe that we compete favorably in each of these categories. Additional information about competition in our segments is provided below.
Acceptance
Our Acceptance segment competes with merchant acquirers and financial institutions that provide acquiring and processing services to businesses on their own. In many cases, our alliance and commercial partners, such as ISOs and ISVs, compete against each other. We also compete with merchant services providers and, in a number of countries outside of the U.S., our Acceptance segment competes with a growing number of local and regional providers. In addition, payment networks and large technology, media and other integrated payments software providers are increasingly offering products and services that compete with our suite of merchant acquiring solutions.
Fintech
Our products and services in the Fintech segment compete with large, diversified software and service companies and independent suppliers of software products. Existing and potential financial institution clients may also develop and use their own in-house systems. In addition, we compete with vendors that offer similar transaction processing products and services to financial institutions.
Payments
The businesses in our Payments segment primarily compete with businesses that offer consumer payment solutions and a number of payment and card issuer processors. In addition to traditional payments competitors, large technology, media and other emerging financial technology providers are increasingly seeking to provide alternative payment and financing solutions. Existing and potential financial institution and other corporate clients could also develop and use their own in-house systems or custom-designed solutions instead of our products and services.
7

Table of Contents                                 
Government Regulation
Our operations, and the products and services that we offer, are subject to various U.S. federal, state and local regulation, as well as regulation outside the U.S. We are also subject to non-government-issued rules and requirements, such as those promulgated by various payment networks. Failure to comply with these rules and regulations may result in the suspension or revocation of licenses or registrations, the limitation, suspension or termination of service and the imposition of civil and criminal penalties, including fines. We may also be required, among other things, to make significant additional investments to comply with rules and regulations, to modify our products or services or the manner in which they are provided, or to limit or change the amount or types of revenue we are able to generate.
Financial Institution Regulations. Because a number of our businesses provide services to regulated financial institutions, we are a significant service provider under the Bank Service Company Act and as such we are subject to examination by the U.S. Federal Banking Agencies, which is comprised of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. We are regulated based on the uniform principles, standards, and guidance created by the Federal Financial Institutions Examination Council (“FFIEC”). The FFIEC is a formal interagency body empowered to standardize and promote uniformity in supervision of financial institutions. The member agencies of the FFIEC include the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Consumer Financial Protection Bureau (“CFPB”), which are empowered to conduct rule-making and supervision related to, and enforcement of, federal consumer financial laws, some of which apply to products and services offered by our clients.
In the U.S., we are also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, and in conjunction with the Federal Reserve Board’s Regulation II, caps debit interchange rates for certain debit and prepaid card issuers; prohibits card issuers and payment networks from restricting the ability of merchants to direct the routing of debit card transactions; requires all debit card issuers in the U.S. to participate in at least two unaffiliated debit payment card networks; prohibits payment card networks from restricting debit and prepaid card issuers from contracting with other payment card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers. These regulations impact our card processing businesses and our clients’ ability to generate revenue.
Certain of our subsidiaries hold payment institution or electronic money licenses. These subsidiaries are subject to regulation and oversight in the jurisdictions in which they operate, and may be required to meet minimum capital maintenance requirements or other obligations. In addition, several of our subsidiaries outside of the U.S. provide services such as merchant terminal leasing, debit processing, acquiring, issuing, factoring and settlement that make them subject to regulation by financial services supervisory agencies, including the Financial Conduct Authority (“FCA”) in the United Kingdom (“U.K.”), the Federal Financial Supervision Agency in Germany, the National Bank of Poland, the Reserve Bank of Australia, the Central Bank of Brazil and the Monetary Authority of Singapore.
Association and Network Rules. We are subject to the rules of various payment networks, such as Visa and Mastercard. In order to provide processing services, a number of our subsidiaries are registered with Visa and/or Mastercard as service providers for member institutions. A number of our subsidiaries outside the U.S. are direct members or associate members of Visa and Mastercard for purposes of conducting merchant acquiring. Various subsidiaries are also processor level members of other debit and electronic benefits transaction networks or are otherwise subject to various network rules in connection with processing services and other services we provide. As such, we are subject to applicable card association, network and national scheme rules that could subject us to fines or penalties. We are subject to network operating rules promulgated by Nacha relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic benefits transactions.
Privacy and Cybersecurity Regulations. We provide services that are subject to various federal, state, local and foreign privacy and cybersecurity laws and regulations, as well as association and network privacy and cybersecurity rules, which govern, among other things, the collection, processing, storage, deletion, use and disclosure of personal information. These laws and rules contain a variety of obligations including the safeguarding of personal information, the provision of notices and use and disclosure rights. The regulations and rules are complex and evolving and can provide for significant penalties or the suspension or termination of our registrations or certifications for non-compliance.
In the U.S., we are subject to various federal and state privacy and cybersecurity laws and regulations. The U.S. Gramm-Leach-Bliley Act (“GLBA”) requires financial institutions to explain their information sharing practices to their customers and to safeguard customer data. In some circumstances, we are subject to GLBA and we have privacy and information security obligations to our clients who are regulated by the GLBA. In certain circumstances, we are subject to the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), which governs the use and disclosure of protected health information in healthcare treatment, payment and operations by covered entities and their business associates. We are also subject to the
8

Table of Contents                                 
Federal Trade Commission Act which empowers the U.S. Federal Trade Commission (“FTC”) to prohibit unfair and deceptive practices, including those related to privacy and cybersecurity. In addition to the Federal Trade Commission Act, the FTC, along with the CFPB, is responsible for overseeing and enforcing the privacy and information security provisions over certain aspects of GLBA and the Fair Credit Reporting Act (“FCRA”), each of which is applicable to our businesses in certain circumstances. We also have obligations under various state laws, such as the California Consumer Privacy Act, which, among other things, give consumers more control over the personal information businesses hold about them.
In the European Union (“E.U.”) and the U.K., we are subject to the General Data Protection Regulation (“GDPR”), which impose a comprehensive approach to personal data protection and include penalties for non-compliance of up to the greater of 20 million Euro or four percent of a company’s consolidated global revenue. There are numerous additional privacy laws and regulations that apply to our businesses around the world which also provide for significant penalties. Some of these data protection laws, including in the E.U., India, United Arab Emirates and China, impose requirements regarding data rights and security and either prohibit the international transfer of personal data or restrict such transfers absent lawfully recognized transfer mechanisms. There are also additional obligations that apply to us by virtue of the fact that we provide services in the financial services industry or are considered to be providing critical infrastructure to our clients. Examples of these are the SOCI Act in Australia, the EBA Outsourcing Requirements in the E.U. and the CERT-In obligations in India.
Money Transmission and Payment Instrument Licensing and Regulations. We are subject to various U.S. federal, state and foreign laws and regulations governing money transmission and the issuance and sale of payment instruments, including some of our prepaid products. In the U.S., most states license money transmitters and issuers of payment instruments. Many states exercise authority over the operations of our services related to money transmission and payment instruments and, as part of this authority, subject us to periodic examinations. Many states require money transmitters, issuers of payment instruments and their agents to comply with federal and state anti-money laundering laws and regulations and often require the licensee to maintain certain levels of net worth.
Credit Reporting and Debt Collections Regulations. TeleCheck, our check acceptance business, is subject to FCRA and various similar state laws. The collection business within our subsidiary TRS Recovery Services, Inc. (“TRS”) is subject to the U.S. federal Fair Debt Collection Practices Act and various similar state laws. TRS maintains licenses in a number of states in order to engage in collection in those states. TeleCheck and TRS are also subject to regulation, supervision and examination from the CFPB. In addition, several of our subsidiaries are subject to comparable local laws regarding collection activities and obtaining credit reports and our U.K. branch described above also holds FCA permissions for debt collection activities.
Unfair Trade Practice Regulations. We and our clients are subject to various federal, state and foreign laws prohibiting unfair or deceptive trade practices. Various regulatory enforcement agencies, including the FTC and state attorneys general, have authority to take action against parties that engage in unfair or deceptive trade practices or violate other laws, rules and regulations. If we process payments for a merchant or other client in violation of laws, rules and regulations, we could be subject to enforcement actions and incur losses and liabilities that may impact our business.
Anti-Money Laundering, Anti-Bribery, and Sanctions Regulations. We are subject to anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act (“BSA”). Among other things, the BSA requires money services businesses, such as money transmitters, issuers of money orders and official checks, and providers of prepaid access, to develop and implement anti-money laundering programs. Our acquiring businesses outside the U.S. are subject to anti-money laundering laws and regulations in the countries where they operate. Our Money Network Financial, LLC subsidiary provides prepaid access for various open loop prepaid programs for which it is the program manager and therefore must meet the requirements of the Financial Crimes Enforcement Network.
We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (“FCPA”) and similar laws outside of the U.S. such as the U.K. Bribery Act, that prohibit the making or offering of improper payments to foreign government officials and political figures. The FCPA has a broad reach and requires maintenance of appropriate records and adequate internal controls to prevent and detect possible FCPA violations.
We are also subject to certain economic and trade sanctions programs that are administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), which prohibit or restrict transactions to or from, or dealings with, specified countries, governments, individuals and entities that are specially designated nationals of those countries, including narcotics traffickers and terrorists or terrorist organizations. Other group entities may be subject to additional local sanctions requirements in other relevant jurisdictions.
Similar anti-money laundering, counter terrorist financing and proceeds of crime laws apply to movements of currency and payments through electronic transactions and to dealings with persons specified in lists maintained by the country equivalents to OFAC lists in several other countries and require specific data retention obligations to be observed by intermediaries in the payment process. Our businesses in those jurisdictions are subject to those data retention obligations.
9

Table of Contents                                 
Communications Laws. We are subject to various federal and state laws that govern telephone calls and the issuance of text messages to clients and consumers in the U.S. as well as to regulations that impose requirements on marketing emails sent to U.S residents. Our international subsidiaries are subject to equivalent laws in applicable jurisdictions.
Indirect Regulatory Requirements. A number of our clients are subject to various regulations and compliance obligations that do not apply directly to us but impact the services that we provide to our clients. To remain competitive, we have invested, and expect to continue to invest, significant resources to develop and update our products and services to assist our clients to meet various compliance obligations. In addition, independent auditors annually review many of our operations to provide internal control evaluations for our clients and their auditors.
Human Capital
The Talent and Compensation Committee of our Board of Directors assists the Board of Directors in establishing our compensation philosophy and strategy and overseeing our human capital management strategy which includes maintaining a culture committed to attracting, developing and retaining top talent, supporting diversity and inclusion efforts, fostering innovation, and promoting employee engagement, safety and well-being.
Development and Retention
We are committed to creating a high-performance culture that consistently delivers excellence for our clients and long-term value for our shareholders while providing a workplace experience for our employees that values collaboration, innovation and diversity. Career development and internal mobility are important aspects of our value proposition for employees. We provide employees with numerous training and development opportunities, including through an e-learning platform specifically geared toward global technology associates; our Leading Women program, designed to accelerate the professional growth of female top talent across each of our global regions; our Leading Fiserv program, designed to develop critical leadership skills for frontline managers; our Vision to Results leadership program, focused on driving enterprise goals; and an online learning platform that provides global access to over 15,000 courses. Internal mobility is generally our preferred approach for filling open positions and fostering career advancement for our employees. To encourage internal mobility, we maintain a sustainable internal talent pipeline, increasing associate retention, job satisfaction and personal and professional growth opportunities.
We have adopted a pay-for-performance philosophy that is designed to recognize performance and reward achievement of our strategic business objectives and financial results. Total compensation consists of a competitive base pay and annual incentive opportunity typically delivered in a mix of cash and equity that is designed to promote retention and reward the attainment of defined performance goals. We are committed to providing fair pay to our employees regardless of gender, race, ethnicity or any other protected characteristic, and we conduct pay audits to track, measure and evaluate employee compensation. In addition, throughout the year, we celebrate employee contributions and achievements through a peer-based global recognition program that enables recognition and financial rewards.
Diversity and Inclusion
We are committed to cultivating a diverse, respectful and inclusive workplace by:
Providing advancement opportunities at all levels in the organization, including giving consideration to diverse candidates for our Board of Directors and senior leadership positions, providing military hiring opportunities, and deepening relationships with historically black colleges and universities, industry networks, military and veterans’ organizations, and organizations that support individuals with disabilities that provide access to underrepresented populations; and
Promoting employee awareness through education and participation in diversity and inclusion programs, such as our inclusive leader assessment and coaching program, to develop the competencies necessary to create an inclusive workplace; eight Employee Resource Groups (“ERGs”) with approximately 8,000 associate members who support each other and mutually elevate professional development; and a host of diversity and inclusion training courses available to all employees.
As of December 31, 2023, we had over 42,000 employees worldwide, approximately 40% of whom were female. In the U.S., approximately 39% of our employees self-identified as racially/ethnically diverse.
We continue to focus on our efforts on supporting our community with several initiatives, including:
Investing in small, diverse-owned businesses by providing financial support, business expertise, and leading technology solutions, as well as through strategic partnerships and community engagement; and
10

Table of Contents                                 
Strengthening partnerships with organizations focused on human rights, racial equity and social justice, including through work by our ERGs with a variety of community organizations and groups.
Employee Engagement
We value employee engagement and feedback. Throughout the year, we engage with our employees through events such as lunch-and-learns, quarterly all-hands meetings, town halls, leadership meetings and other forums. We encourage managers to meet regularly with their teams and encourage skip-level discussions.
To assess employee engagement, we periodically collect employee feedback through employee engagement surveys, including annual enterprise-wide surveys and issue-specific surveys. These surveys cover a variety of topics, such as engagement, well-being, client experience, communication, teamwork, manager effectiveness, trust and diversity and inclusion. In addition to assessing engagement, the survey results enable us to gain insight into employee perspectives and issues which we use to enhance processes, set priorities and respond to associate concerns.
In 2023, 92% of our associates participated in our engagement survey. Among other positive outcomes, we received a score of 87% favorable on “trust,” which is the highest ranked item on the survey, and scores within the top decile across benchmarks. We also continue to score above average on our benchmark with respect to associates’ belief that Fiserv has created an inclusive environment where people of diverse backgrounds can succeed.
Safety and Well-Being
We are committed to the safety of our workforce and maintain a global safety program that is designed to protect the safety and well-being of our employees in the workplace, minimize injury and accident frequency and severity, minimize loss to property, equipment and operational disruption, and enable greater associate satisfaction and productivity.
We are also committed to providing comprehensive and competitive benefits to our associates that are responsive to their physical, financial, social and emotional needs. Our benefit offerings include a variety of medical and dental plan choices, mental health and counseling programs, caregiver support programs, enhanced family forming and planning resources, and paid time off. We control the cost of health care benefits for our employees despite the increased cost of such benefits to the company. Investing in our associates in this way helps us retain top talent and demonstrates our commitment to our employees, our most important asset.
Available Information
Our website address is www.fiserv.com. We are not including the information provided on our website as a part of, or incorporating it by reference into, this Annual Report on Form 10-K. We make available free of charge (other than an investor’s own internet access charges) through our website our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission.
Item 1A.  Risk Factors
You should carefully consider each of the risks described below, together with all of the other information contained in this Annual Report on Form 10-K, before making an investment decision with respect to our securities. If any of the following risks develop into actual events, our business, results of operations or financial condition could be materially and adversely affected, and you may lose all or part of your investment.
Competitive and Business Risks
We operate in a competitive business environment and may not be able to compete effectively.
The markets for our products and services are highly competitive from new and existing competitors. Our principal competitors include other vendors and providers of financial services technology and payment systems, data processing affiliates of large companies, processing centers owned or operated as user cooperatives, financial institutions, independent sales organizations (“ISOs”), independent software vendors, payments companies and payment network operators. Our competitors vary in size and in the scope and breadth of the services they offer. Many of our larger existing and potential clients have historically developed their key applications in-house. As a result, we may compete against our existing or potential clients’ in-house capabilities. In addition, we expect that the markets in which we compete will continue to attract new technologies and well-funded competitors, including large technology, telecommunication, media and other companies not historically in the financial services and payments industries, start-ups and international providers of products and services similar to ours. In addition, participants in the financial services, payments and technology industries may merge, create joint ventures or engage in other
11

Table of Contents                                 
business combinations, alliances and consolidations that may strengthen their existing products and services or create new products and services that compete with ours. We cannot provide any assurance that we will be able to compete successfully against current or future competitors or that competitive pressures faced by us in the markets in which we operate will not materially and adversely affect our business, results of operations and financial condition.
If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients, and our ability to grow may be limited.
The markets for our products and services are characterized by constant and rapid technological change, evolving industry standards, frequent introduction of new products and services, and increasing client expectations. Our ability to respond timely to these changes, including by enhancing our current products and services and developing and introducing new products and services, will significantly affect our future success. In addition, the success of certain of our products and services rely, in part, on financial institutions, business partners and other third parties promoting the use of or distributing our products and services. If we are unsuccessful in developing, marketing and selling products or services that gain market acceptance, or if third parties insufficiently promote or distribute our products and services, it would likely have a material adverse effect on our ability to retain existing clients, to attract new ones and to grow profitably.
We believe that data, and the insights enabled by data, can be used to create or enhance the products and services that we offer to our clients. As a result, we are using, and expect to continue to expand our use of, artificial intelligence and machine learning. However, legislation that would govern the development or use of artificial intelligence is under consideration in the U.S. at the state and local level, as well as abroad. As a result, the ability to use artificial intelligence and machine learning may be constrained by current or future laws, regulatory or self-regulatory requirements.
If we are unable to renew contracts on favorable terms or if contracts are terminated prematurely, we could lose clients and our results of operations and financial condition may be adversely affected.
Failure to achieve favorable renewals of client contracts could negatively impact our business. At the end of the contract term, clients have the opportunity to renegotiate their contracts with us or to consider whether to engage one or more of our competitors to provide products and services or to perform the services in-house. Some of our competitors may offer more attractive prices, features or other services that we do not offer, and some clients may desire to perform the services themselves. Larger clients may be able to seek lower prices from us when they renew or extend a contract or the client’s business has significant volume changes. In addition, larger clients may reduce the services we provide if they decide to move services in-house. Further, our small merchant business clients may seek reduced fees due to pricing competition, their own financial condition or pressure from their customers.
We also have contracts with U.S. federal, state and local governments. The contracts with these clients may contain terms that are not typical for non-government clients, such as the right to terminate for convenience, the right to unilaterally modify or reduce work to be provided under the contract, significant or unlimited indemnification obligations and being subject to appropriation of funds for the government contract program. In addition, if any of our government contracts were to be terminated for default, we could be suspended or debarred from contracting with that entity in the future, which could also provide other government clients the right to terminate.
These factors could result in lower revenue from a client than we had anticipated based on our agreement with that client. If we are not successful in achieving high contract renewal rates and favorable contract terms, if contracts are terminated, or if we are prevented from performing work for these clients in the future, our results of operations and financial condition may be materially and adversely affected.
Changes in card association and debit network fees or products could increase costs or otherwise limit our operations.
From time to time, card associations and debit networks, including the card networks which we own and operate, increase the processing and other fees (including what is commonly called “interchange fees”) that they charge. It is possible that competitive and other pressures will result in us absorbing a portion of such increases in the future, or not being able to increase our own fees, which would increase our operating costs, reduce our profit margin, limit our growth, and adversely affect our business, results of operations and financial condition. In addition, the various card associations and networks prescribe certain capital requirements. Any increase in the capital level required would further limit our use of capital for other purposes.
Our business depends, in part, on our merchant relationships and alliances, and if we are unable to maintain these relationships and alliances, our business may be adversely affected.
Under our alliance program, a bank or other institution forms an alliance with us, generally on an exclusive basis, either contractually or through a separate legal entity. Merchant contracts may be contributed to the alliance by us and/or the bank or
12

Table of Contents                                 
institution. The banks and other institutions generally provide card association sponsorship, clearing and settlement services and typically act as a merchant referral source when the institution has an existing banking or other relationship with such merchant. We provide transaction processing and related functions to the alliance. Both we and our alliance partners may also provide management, sales, marketing and other administrative services. The alliance structure allows us to be the processor for multiple financial institutions, any one of which may be selected by the merchant as its bank partner. Our merchant acquiring business depends, in part, on our merchant relationships, alliances and other distribution channels. There can be no guarantee that we will achieve growth in our merchant relationships, alliances or other distribution channels. In addition, our contractual arrangements with merchants and merchant alliance partners are for fixed terms and may allow for early termination upon the occurrence of certain events. There can be no assurance that we will be able to renew our contractual arrangements with these merchants or merchant alliance partners on similar terms or at all. The loss of merchant relationships or alliance partners could negatively impact our business and have a material adverse effect on our results of operations and financial condition.
Consolidations in the banking and financial services industry could adversely affect our revenue by eliminating existing or potential clients and making us more dependent on fewer clients.
Mergers, consolidations and failures of financial institutions reduce the number of our clients and potential clients, which could adversely affect our revenue. If our clients merge with or are acquired by other entities that are not our clients, or that use fewer of our services, they may discontinue or reduce their use of our services. Our alliance strategy could also be negatively affected by consolidations, especially where the financial institutions involved are committed to their internal merchant processing businesses that compete with us. It is also possible that the larger financial institutions that result from mergers or consolidations could have an increased ability to negotiate terms with us or could decide to perform in-house some or all of the services which we currently provide or could provide. Any of these developments could have a material adverse effect on our business, results of operations and financial condition.
Operational and Security Risks
Security incidents or other technological risks involving our systems and data, or those of our clients, partners or vendors, could expose us to liability or damage our reputation.
Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers. Under the card network rules, various federal, state and international laws, and client contracts, we are responsible for information provided to us by financial institutions, merchants, ISOs, third-party service providers and others. Preserving the confidentiality of sensitive business and personal information is critical to our business. Any unauthorized access, intrusion, infiltration, network disruption, ransom, denial of service or similar incident could disrupt the integrity, continuity, security and trust of our systems or data, or the systems or data of our clients, partners or vendors. These incidents are often difficult to detect and are constantly evolving. We expect that unauthorized parties will continue to attempt to gain access to our systems or facilities, and those of our clients, partners and vendors, through various means and with increasing sophistication, particularly as cybercriminals attempt to profit from increased online banking, e-commerce and other online activity. These events could create costly litigation, significant financial liability, increased regulatory scrutiny, financial sanctions and a loss of confidence in our ability to serve clients and cause current or potential clients to choose another service provider, all of which could have a material adverse impact on our business. In addition, we have invested and expect to continue to invest significant resources to maintain and enhance our information security and controls or to investigate and mitigate security vulnerabilities. Although we believe that we maintain a robust program of information security and controls and that none of the events that we have encountered to date have materially affected us, we cannot be certain that the security measures and procedures we have in place to detect security incidents and protect sensitive data, will be successful or sufficient to counter all current and emerging risks and threats. The impact of a material event involving our systems and data, or those of our clients, partners or vendors, could have a material adverse effect on our business, results of operations and financial condition.
Operational failures and resulting interruptions in the availability of our products or services could harm our business and reputation.
Our business depends heavily on the reliability of our systems. An operational failure that results in an interruption in the availability of our products and services could harm our business or cause us to lose clients. An operational failure could involve the hardware, software, data, networks or systems upon which we rely to deliver our services and could be caused by our actions, the actions of third parties or events over which we may have limited or no control. Events that could cause operational failures include, but are not limited to, hardware and software defects or malfunctions, ransomware, denial-of-service and other cyberattacks, human error, earthquakes, hurricanes, floods, fires, natural disasters, pandemics, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses or other malware, or other events. In the event of operational failures or damage or disruption to our business due to these occurrences,
13

Table of Contents                                 
we may not be able to successfully or quickly recover all of our critical business functions, assets and data through our business continuity program. Implementation delays, interruptions of service or hardware device defects could damage our relationship with clients and could cause us to incur substantial expenses, including those related to the payment of service credits, product recalls or other liabilities. A prolonged interruption of our services or network could cause us to experience data loss or a reduction in revenue, and significantly impact our clients’ businesses and the customers they serve. In addition, a significant interruption of service or product recall could have a negative impact on our reputation and could cause our current and potential clients to choose another service provider. As a provider of payments solutions and other financial services, clients, regulators and others may require enhanced business continuity and disaster recovery plans including frequent testing of such plans. Meeting these various requirements may require a significant investment of time and money. Any of these developments could have a material adverse impact on our business, results of operations and financial condition.
Disruptions of operations of other participants in the global financial system could prevent us from delivering our products and services.
The operations and systems of many participants in the global financial system are interconnected. Many of the transactions involving our products and services rely on multiple participants in the global financial system to move funds and communicate information to the next participant in the transaction chain. A disruption for any reason of the operations of a participant in the global financial system could impact our ability to obtain or provide information or cause funds to be moved in a manner to successfully deliver our products and services. Although we work with other participants to avoid any disruptions, there is no assurance that such efforts will be effective. Such a disruption could lead to our inability to deliver products and services, reputational damage, lost clients and revenue, loss of clients’ and their customers’ confidence, as well as additional costs, all of which could have a material adverse effect on our business, results of operations and financial condition.
We rely on third parties to provide products and services and if we are unable to obtain such products or services in the future or if these third parties fail to perform these services adequately, our business may be materially and adversely affected.
We rely on third parties we do not control to provide us with products and services, including payment card networks, acquiring processors, payment card issuers, financial institutions and the Automated Clearing House (“ACH”) network which transmit transaction data, process chargebacks and refunds, and perform clearing services in connection with our settlement activities. If, for example, such third parties stop providing clearing services or limit our volumes, we would need to find other financial institutions to provide those services. In the event these third parties fail to provide these services adequately or in a timely manner, including as a result of errors in their systems or events beyond their control, or refuse to provide these services on terms acceptable to us or at all, and we are not able to find timely suitable alternatives, we may no longer be able to provide certain services to customers, which could expose us and our clients to information security, financial, compliance and reputational risks. We may be negatively impacted by a disruption to our supply chain or third-party delivery service providers, including if the factories that manufacture our point-of-sale devices, payment cards or computer chips for payment cards, or paper stock are temporarily closed or experience workforce shortages; shipping services are interrupted or delayed; there are increased lead times, shortages or higher costs for certain materials and components; or there are workforce shortages at our third-party customer support, software development or technology hosting facilities. If we are unable to renew our existing contracts with key vendors and service providers, we might not be able to replace the related product or service at all or at the same cost. Any of these risks could have a material adverse effect on our business, results of operations and financial condition.
We may experience software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability.
Our services are based on sophisticated software and computer systems and we may encounter delays when developing new applications and services. Further, the software underlying our services may contain undetected errors or defects when first introduced or when new versions are released. We may also experience difficulties in installing or integrating our technology on systems or with other programs used by our clients. Defects in our software, errors or delays in the processing of electronic transactions or other difficulties could result in interruption of business operations, delay in market acceptance, additional development and remediation costs, diversion of technical and other resources, loss of clients or client data, negative publicity or exposure to liability claims. Although we attempt to limit our potential liability through disclaimers and limitation of liability provisions in our license and client agreements, we cannot be certain that these measures will successfully limit our liability.
14

Table of Contents                                 
Global Market Risks
Our business may be adversely affected by geopolitical and other risks associated with operations outside of the U.S. and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks.
We offer merchant acquiring, processing and issuing services outside of the U.S., including in the U.K., Germany, Mexico, Uruguay, Argentina, India and Brazil. Our facilities outside of the U.S., and those of our suppliers and vendors, including manufacturing, customer support, software development and technology hosting facilities, are subject to risks, including natural disasters, public health crises, political crises, terrorism, war, political instability and other events outside of our or our suppliers’ control. As we continue to expand internationally and grow our client base outside of the U.S., we may face challenges due to the presence of more established competitors and our relative lack of experience in such non-U.S. markets, and we may incur higher than anticipated costs. If we are unable to successfully manage the risks associated with the international operation and expansion of our business, our results of operations and financial condition could be negatively impacted.
Our business is impacted by U.S. and global market and economic conditions.
For the foreseeable future, we expect to continue to derive revenue primarily from products and services we provide to the financial services industry and from our merchant acquiring business. Given this focus, we are exposed to global economic conditions and adverse economic trends may accelerate the timing, or increase the impact of, risks to our financial performance. Such trends may include, but are not limited to, the following:
inflation, foreign currency fluctuations, declining economies, social unrest, natural disasters, public health crises, including the occurrence of a contagious disease or illness, and the pace of economic recovery can change consumer spending behaviors, on which a significant portion of our revenues are dependent;
low levels of consumer and business confidence typically associated with recessionary environments and those markets experiencing relatively high inflation and/or unemployment, may cause decreased spending by cardholders;
budgetary concerns in the U.S. and other countries around the world could affect the U.S. and other specific sovereign credit ratings, impact consumer confidence and spending, and increase the risks of operating in those countries;
emerging market economies tend to be more volatile than the more established markets we serve in the U.S. and Europe, and adverse economic trends, including high rates of inflation, may be more pronounced in such emerging markets;
financial institutions may restrict credit lines to cardholders or limit the issuance of new cards to mitigate cardholder defaults;
uncertainty and volatility in the performance of our clients’ businesses may make estimates of our revenues, rebates, incentives, and realization of prepaid assets less predictable;
our clients may decrease spending for value-added services; and
government intervention, including the effect of laws, regulations, treaties and/or government investments in our clients, may have potential negative effects on our business, operations and our relationships with our clients or otherwise alter their strategic direction away from our products.
A weakening in the economy or competition from other retailers could force some retailers to close, resulting in exposure to potential credit losses and declines in transactions, and reduced earnings on transactions due to a potential shift to large discount merchants. Additionally, credit card issuers may reduce credit limits and become more selective in their card issuance practices.
A prolonged poor economic environment, including a potential recession in the U.S. or other economies in which our business operates, could result in significant decreases in demand by current and potential clients for our products and services and in the number and dollar amount of transactions we process or accounts we service, which could have a material adverse effect on our business, results of operations and financial condition.
Potential tariffs or trade wars could increase the cost of our products, which could adversely impact the competitiveness of our products and our financial results.
The U.S. has imposed tariffs on certain imports from China, including on some of our hardware devices manufactured in China. If the U.S. administration imposes additional tariffs, or if additional tariffs or trade restrictions are implemented by the U.S. or
15

Table of Contents                                 
other countries, our hardware devices produced in China could be impacted. Although it is difficult to predict how current or future tariffs on items imported from China or elsewhere will impact our business, the cost of our products manufactured in China and imported into the U.S. or other countries could increase, which in turn could adversely affect the demand for these products and have a material adverse effect on our business and results of operations.
Regulatory and Compliance Risks
If we or third parties with whom we partner or contract fail to comply with applicable laws and regulations, we could be subject to liability and our business could be harmed.
Our businesses are subject to state, federal, and foreign laws and regulations, including payment, cybersecurity, consumer protection, money transmission, data privacy, anti-money laundering, economic and trade sanctions, payment institution, electronic money licensing, credit reporting and debt collection laws and regulations. Our clients are also subject to numerous laws and regulations applicable to banks, financial institutions and card issuers in the U.S. and abroad, and, consequently, we are at times affected by these federal, state, local and foreign laws and regulations. These laws and regulations are subject to change, and new laws, regulations and interpretations are regularly adopted.
We operate our business around the world, including in certain foreign countries with developing economies where companies often engage in business practices that are prohibited by laws applicable to us, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act. These laws prohibit, among other things, improper payments or offers of payments to foreign governments and their officials and political parties for the purpose of obtaining or retaining business. We also derive revenue from transactions involving sales to U.S. federal, state and local governments and their respective agencies, and are subject to various procurement laws, regulations, and contract provisions relating to those contracts. We have implemented policies and training programs to comply with applicable laws, regulations and obligations; however, there can be no assurance that all of our employees, consultants and agents will comply with our policies and all applicable laws and any noncompliance could subject us to fines, penalties and loss of business.
The volume and complexity of the regulations that impact our business, directly or indirectly, will continue to increase our cost of doing business. If we or third parties with whom we partner or contract fail to comply with applicable laws and regulations, we could be exposed to litigation or regulatory proceedings, our client relationships and reputation could be harmed, our ability to obtain new clients could be inhibited, we could be required to change the manner in which we conduct our business or suspend or terminate certain services, and we could incur significant fines, penalties, or losses, all of which could have a material adverse impact on our business, results of operations and financial condition.
If we fail to comply with the applicable requirements of the payment card networks and Nacha, they could seek to fine us, suspend us or terminate our registrations, which could adversely affect our business.
In order to provide our transaction processing services, several of our subsidiaries are registered with Visa and Mastercard and other networks as members or service providers for member institutions. A number of our subsidiaries outside the U.S. are direct members or associate members of Visa and Mastercard for purposes of conducting merchant acquiring, and various subsidiaries are also processor level members of numerous debit and electronic benefits transaction networks. As such, we are subject to card association and network rules that could subject us or our clients to a variety of fines or penalties that may be levied by the card associations or networks for certain acts or omissions by us, acquiring clients, processing clients or merchants. In addition, we are subject to Nacha rules relating to payment transactions processed by us using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic fund transfer and electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands. The rules of Nacha and the card networks are set by their respective boards, some of which are our competitors, and the card network rules may be influenced by card issuers, some of which offer competing transaction processing services.
If we fail to comply with these rules, we could be fined and our member registrations or certifications could be suspended or terminated. The suspension or termination of our member registrations or certifications, or any changes to the association and network rules, that we do not successfully address, or any other action by the card networks to restrict our ability to process transactions over such networks, could limit our ability to provide transaction processing services to clients and result in a reduction of revenue or increased costs of operation, which, in either case, could have a material adverse effect on our business and results of operations.
A heightened regulatory environment in the financial services industry may have an adverse impact on our clients and our business.
Since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, a number of substantial regulations affecting the supervision and operation of the financial services industry within the U.S. have been adopted, including those that
16

Table of Contents                                 
establish the Consumer Financial Protection Bureau (“CFPB”). The CFPB has issued regulations and guidance under U.S. consumer financial protection laws that apply to, and conducts direct examinations of, “supervised banks and nonbanks” as well as “supervised service providers” like us. CFPB rules, examinations and enforcement actions may require us to adjust our activities and may increase our compliance costs. Changes to applicable financial services laws or regulations could adversely impact our debit network business and other businesses. In addition, certain of our alliance partners are subject to regulation by federal and state authorities and, as a result, could pass through some of those compliance obligations to us.
Additional regulation, examination or oversight of our business could require us to modify the manner in which we contract with or provide products and services to our clients; directly or indirectly limit how much we can charge for our services; require us to invest additional time and resources to comply with such oversight and regulations, including in respect of audits, investigations or enforcement actions related to us or third parties; or limit our ability to update our existing products and services, or require us to develop new ones. If this oversight or regulation negatively impacts the business, operations or financial condition of our clients, our business and results of operations could be materially and adversely affected because, among other matters, our clients could have less capacity to purchase products and services from us, could decide to avoid or abandon certain lines of business, or could seek to pass on increased costs to us by negotiating price reductions. Any of these events, if realized, could have a material adverse effect on our business, results of operations and financial condition.
Legislative or regulatory initiatives on cybersecurity and data privacy could adversely impact our business and financial results.
Cybersecurity and data privacy risks have received heightened legislative and regulatory attention. In Europe, the General Data Protection Regulation (“GDPR”) extends the scope of the E.U. data protection law to all companies processing data of individuals within the E.U., regardless of the company’s location, subject to certain limitations. The law requires companies to meet stringent requirements regarding the handling of personal data. E.U. data protection law continuously develops and requires significant changes to our policies and procedures. We are also subject to U.K. GDPR following the U.K.’s exit from the E.U. Single Market and Customs Union. Our efforts to comply with E.U., U.K. and other privacy and data protection laws around the world that apply to our businesses could involve substantial expenses, divert resources from other initiatives and projects and limit the services we are able to offer. There is also increased focus on data localization requirements around the world in countries such as the United Arab Emirates, China and India which could impact our business model with respect to our storage and transfer of personal data.
In addition, U.S. regulators, including the U.S. Federal Banking Agencies and the U.S. Federal Trade Commission have adopted or proposed enhanced cyber and privacy security standards that apply to us and our financial institution clients and address cyber risk governance and management, management of internal and external dependencies, and incident response, cyber resilience and situational awareness. Legislation and regulations on cybersecurity, data privacy and data localization may compel us to enhance or modify our systems, invest in new systems or alter our business practices or our policies on data governance and privacy. If any of these outcomes were to occur, our operational costs could increase significantly. Failure to comply with applicable laws in this area could also result in significant fines, penalties and reputational damage.
Failure to comply with state and federal antitrust requirements could adversely affect our business.
Through our merchant alliances, we hold an ownership interest in several competing merchant acquiring businesses while serving as an electronic processor for those businesses. In order to satisfy state and federal antitrust requirements, we actively maintain an antitrust compliance program. Notwithstanding our compliance program, it is possible that perceived or actual violations of state or federal antitrust requirements could give rise to regulatory enforcement investigations or actions. Regulatory scrutiny of, or regulatory enforcement action in connection with, compliance with state and federal antitrust requirements could have a material adverse effect on our reputation and business.
We may be sued for infringing the intellectual property rights of others.
Third parties may claim that we are infringing their intellectual property rights. We expose ourselves to additional liability when we agree to defend or indemnify our clients against third-party infringement claims. If the owner of intellectual property establishes that we are, or a client which we are obligated to indemnify is, infringing its intellectual property rights, we may be forced to change our products or services, and such changes may be expensive or impractical, or we may need to seek royalty or license agreements from the owner of such rights. If we are unable to agree on acceptable terms, we may be required to discontinue the sale of key products or halt other aspects of our operations. We may also be liable for financial damages for a violation of intellectual property rights, and we may incur expenses in connection with indemnifying our clients against losses suffered by them. Any adverse result related to violation of third-party intellectual property rights could materially and adversely harm our business, results of operations and financial condition. Even if intellectual property claims brought against us are without merit, they may result in costly and time-consuming litigation and may require significant attention from our management and key personnel.
17

Table of Contents                                 
Misappropriation of our intellectual property and proprietary rights could impair our competitive position.
Our ability to compete depends upon proprietary systems and technology. We actively seek to protect our intellectual property and proprietary rights. Nevertheless, unauthorized parties may attempt to copy aspects of our services or to obtain and use information that we regard as proprietary. In addition, use of AI tools may result in the release of confidential or proprietary information which could limit our ability to protect, or prevent us from protecting, our intellectual property rights. The steps we have taken may not prevent misappropriation of technology. Agreements entered into for that purpose may not be enforceable or provide us with an adequate remedy. It is also possible that others will independently develop the same or similar technology. Further, we use open source software in connection with our solutions. Companies that incorporate open source software into their solutions have, from time to time, faced claims challenging the ownership of solutions developed using open source software. As a result, we could be subject to suits by parties claiming ownership of what we believe to be open source software. Effective patent, trademark, service mark, copyright and trade secret protection may not be available in every country in which our applications and services are made available. The laws of certain non-U.S. countries where we do business or contemplate doing business in the future may not recognize intellectual property rights or protect them to the same extent as do the laws of the U.S. Misappropriation of our intellectual property or potential litigation concerning such matters could have a material adverse effect on our business, results of operations and financial condition.
Changes in tax laws and regulations could adversely affect our results of operations and cash flows from operations.
Our operations are subject to tax by federal, state, local, and international taxing jurisdictions. Changes in tax laws or their interpretations in our significant tax jurisdictions could materially increase the amount of taxes we owe, thereby negatively impacting our results of operations as well as our cash flows from operations. Additionally, future tax laws, regulations or guidance from the Internal Revenue Service, the Securities and Exchange Commission or the Financial Accounting Standards Board could cause us to adjust current estimates in future periods, which could impact our earnings and have an adverse effect on our results of operations and cash flow.
The U.S. Congress, the Organization for Economic Co-operation and Development (the “OECD”) and other government agencies in jurisdictions in which we do business remain focused on the taxation of multinational corporations. The OECD, which represents a coalition of member countries, including the U.S., is contemplating changes to numerous longstanding tax principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries. Because the timing of implementation and the specific measures adopted will vary among participating countries, significant uncertainty remains regarding the impact of these initiatives and their implementation could adversely affect our business or financial results.
Furthermore, our implementation of new practices and processes designed to comply with changing tax laws and regulations could require us to make substantial changes to our business practices, allocate additional resources, and increase our costs, which could negatively affect our business, results of operations and financial condition.
Unfavorable resolution of tax contingencies could adversely affect our results of operations and cash flows from operations
Our tax returns and positions are subject to review and audit by federal, state, local and international taxing authorities. An unfavorable outcome to a tax audit could result in higher tax expense, thereby negatively impacting our results of operations as well as our cash flows from operations. We have established contingency reserves for known tax exposures relating to deductions, transactions and other matters involving some uncertainty as to the proper tax treatment of the item. These reserves reflect what we believe to be reasonable assumptions as to the likely final resolution of each issue if raised by a taxing authority. While we believe that the reserves are adequate to cover reasonably expected tax risks, there is no assurance that, in all instances, an issue raised by a tax authority will be finally resolved at a financial cost not in excess of any related reserve. An unfavorable resolution, therefore, could negatively impact our effective tax rate, financial position, results of operations, and cash flows in the current and/or future periods.
Organizational and Financial Risks
The failure to attract and retain key personnel could have a material adverse effect on our business.
We depend on the experience, skill and contributions of our senior management and other key employees. If we fail to attract, motivate and retain highly qualified management, technical, compliance and sales personnel, our future success could be harmed. Our senior management provides strategic direction for our company, and if we lose members of our leadership team, our management resources may have to be diverted from other priorities to address this loss. Our products and services require sophisticated knowledge of the financial services industry, applicable regulatory and industry requirements, computer systems,
18

Table of Contents                                 
and software applications, and if we cannot hire or retain the necessary skilled personnel, we could suffer delays in new product development, experience difficulty complying with applicable requirements or otherwise fail to satisfy our clients’ demands.
Losses due to chargebacks, refunds or returns could have a material adverse effect on our business, results of operations and financial condition.
We may be liable if our merchants or other parties that have obligations to deliver goods or services to cardholders fail to satisfy their obligations. For example, we and our merchant acquiring alliances may be subject to contingent liability for transactions originally acquired by us that are disputed by the cardholder and charged back to the merchants or other parties. These disputes could arise from fraud, misuse, unintentional use, settlement delay or failure, insufficiency of funds, returns, a failure to perform a service, or other reasons. If we or the alliance is unable to collect this amount from the merchant or other party because of the merchant’s or other party’s insolvency or other reasons, we or the alliance will bear the loss for the amount of the refund paid to the cardholder. Although we have an active program to manage our credit risk, and often mitigate our risk by obtaining collateral, a default on such obligations by one or more of our merchants or others could have a material adverse effect on our business, and results of operations and financial condition.
Additionally, we may be subject to potential liability for fraudulent transactions, including electronic payment and card transactions or credits initiated by merchants or others. Examples of merchant fraud include when a merchant or other party knowingly uses a stolen or counterfeit credit, debit or prepaid card, card number or other credentials to record a false sales transaction, processes an invalid card or intentionally fails to deliver the merchandise or services sold in an otherwise valid transaction. Criminals are using increasingly sophisticated methods to engage in illegal activities such as counterfeiting and fraud. We also rely on ISOs to sell our merchant processing services, which they may do by contracting with their own sub-ISOs. We rely on these ISOs and sub-ISOs to exercise appropriate controls to avoid fraudulent transactions. It is possible that incidents of fraud could increase in the future. Failure to effectively manage risk and prevent fraud, or otherwise effectively administer our chargeback responsibilities, would increase our chargeback liability and expose us to fines or other liabilities. Increases in chargebacks, fines or other liabilities could have a material adverse effect on our business, results of operations and financial condition.
Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations.
A major contributor to our growth in revenue and earnings since our inception has been our ability to identify, acquire and integrate complementary businesses. We anticipate that we will continue to seek to acquire complementary businesses, products and services. We may not be able to identify suitable acquisition candidates or complete acquisitions in the future, which could adversely affect our future growth; or businesses that we acquire may not perform as well as expected or may be more difficult or expensive to integrate and manage than expected, which could adversely affect our business and results of operations. We may not be able to integrate all aspects of acquired businesses successfully or realize the potential benefits of bringing them together. In addition, the process of integrating these acquisitions may disrupt our business and divert our resources.
In addition, acquisitions outside of the U.S. often involve additional or increased risks including, for example:
managing geographically separated organizations, systems and facilities;
integrating personnel with diverse business backgrounds and organizational cultures;
complying with non-U.S. regulatory requirements;
fluctuations in currency exchange rates;
enforcement of intellectual property rights in some non-U.S. countries;
difficulty entering new non-U.S. markets due to, among other things, consumer acceptance and business knowledge of these new markets; and
general economic and political conditions.
These risks may arise for a number of reasons: we may not be able to find suitable businesses to acquire at affordable valuations or on other acceptable terms; we may face competition for acquisitions from other potential acquirers; we may need to borrow money or sell equity or debt securities to the public to finance acquisitions and the terms of these financings may be adverse to us; changes in accounting, tax, securities or other regulations could increase the difficulty or cost for us to complete acquisitions; we may discover liabilities, deficiencies, or other claims associated with the companies or assets we acquire that were not identified in advance, which may result in significant unanticipated costs; the effectiveness of our due diligence review and our ability to evaluate the results of such due diligence are dependent upon the accuracy and completeness of statements
19

Table of Contents                                 
and disclosures made or actions taken by the companies we acquire or their representatives, as well as the limited amount of time in which acquisitions are executed. In addition, we may fail to accurately forecast the financial impact of an acquisition or other strategic transaction, including tax and accounting charges; we may incur unforeseen obligations or liabilities in connection with acquisitions; we may need to devote unanticipated financial and management resources to an acquired business; we may not realize expected operating efficiencies or product integration benefits from an acquisition; we could enter markets where we have minimal prior experience; and we may experience decreases in earnings as a result of non-cash impairment charges.
We may be obligated to indemnify the purchasers of businesses pursuant to the terms of the relevant purchase and sale agreements.
We have in the past and may in the future sell businesses. In connection with sales of businesses, we may make representations and warranties about the businesses and their financial affairs and agree to retain certain liabilities associated with our operation of the businesses prior to their sale. Our obligation to indemnify the purchasers and agreement to retain liabilities could have a material adverse effect on our business, results of operations and financial condition.
Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our results of operations.
Our balance sheet includes goodwill and intangible assets that represent 53% of our total assets at December 31, 2023. These assets consist primarily of goodwill and identified intangible assets associated with our acquisitions. On at least an annual basis, we assess whether there have been impairments in the carrying value of goodwill. In addition, we review intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If the carrying value of the asset is determined to be impaired, then it is written down to fair value by a non-cash charge to operating earnings. An impairment of a significant portion of goodwill or intangible assets could have a material negative effect on our results of operations.
Existing or future leverage may harm our financial condition and results of operations.
At December 31, 2023, we had approximately $23.1 billion of debt. We and our subsidiaries may incur additional indebtedness in the future. Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; and increase our vulnerability to adverse changes in general economic and industry conditions. Our ability to make payments of principal and interest on our indebtedness depends upon our future performance, which will be subject to general economic conditions and financial, business and other factors affecting our consolidated operations, many of which are beyond our control. In addition, if certain of our outstanding senior notes or commercial paper notes are downgraded to below investment grade, we may incur additional interest expense. If we are unable to generate sufficient cash flow from operations in the future to service our debt and meet our other cash requirements, including due to further deterioration in economic and market conditions, we may be required, among other things: to seek additional financing in the debt or equity markets; to refinance or restructure all or a portion of our indebtedness; or to reduce or delay planned capital or operating expenditures. Such measures might not be sufficient to enable us to service our debt and meet our other cash requirements. In addition, any such financing, refinancing or sale of assets might not be available at all or on economically favorable terms.
An increase in interest rates may negatively impact our operating results and financial condition.
Certain of our borrowings, including borrowings under our revolving credit facility, term loan, foreign lines of credit and commercial paper programs, are at variable rates of interest. Beginning in 2022, and continuing through mid-2023, interest rates increased significantly and interest rates may continue to increase or remain at higher than recent historical levels in the future. An increase in interest rates would have a negative impact on our results of operations by causing an increase in interest expense. At December 31, 2023, we had approximately $2.3 billion in variable rate debt, which includes $516 million drawn on our revolving credit facility and foreign lines of credit, and an aggregate amount of $1.7 billion outstanding under our U.S. dollar and Euro commercial paper programs. Based on outstanding debt balances and interest rates at December 31, 2023, a 1% increase in variable interest rates would result in an increase to annual interest expense of $23 million.
Our results of operations may be adversely affected by changes in foreign currency exchange rates.
We are subject to risks related to changes in currency rates as a result of our investments in foreign operations and from revenues generated in currencies other than the U.S. dollar. Revenues and profit generated by such international operations will increase or decrease compared to prior periods as a result of changes in foreign currency exchange rates. From time to time, we utilize foreign currency forward contracts and other hedging instruments to mitigate the market value risks associated with
20

Table of Contents                                 
foreign currency-denominated transactions and investments. These hedging strategies may not, however, eliminate all of the risks related to foreign currency translation, and we may forgo the benefits we would otherwise experience if currency exchange rates were to change in our favor. In addition, we may incur material foreign currency exchange losses due to the remeasurement of monetary assets and liabilities in highly inflationary economies. We have also issued foreign currency-denominated senior notes and commercial paper notes for which payments of interest and principal are to be made in foreign currency, and fluctuations in foreign currency exchange rates could cause the expense associated with such payments to increase. In addition, we may become subject to exchange control regulations that restrict or prohibit the conversion of our foreign revenue currencies into U.S. dollars. Any of these factors could decrease the value of revenues and earnings we derive from our international operations and have a material adverse effect on our business.
Item 1B.  Unresolved Staff Comments
None.
Item 1C.  Cybersecurity
Enterprise Risk Management
We maintain an enterprise risk management (“ERM”) program designed to systematically identify and manage risk including risk from cybersecurity threats. The risk committee of the board of directors oversees our ERM program and it is reviewed annually by both the risk and audit committees of the board of directors. The risk committee also monitors and reports to the board regarding issues arising with respect to the risk governance structure and performance of the risk management function. The board, as a whole and through its committees, regularly engages with the Chief Risk Officer, management and outside advisors to identify, assess and manage risks of the company and to ensure the risk management function has the appropriate resources and authority to fulfill its responsibilities. An executive risk committee, comprised of senior leaders of our lines of business and corporate functions, provides executive level accountability for the ERM program.
On an ongoing basis, we identify, categorize, assess, monitor and respond to business risks. We consider the various ways in which risks may affect our business by measuring the impact of those risks against a consistent set of criteria, which include the potential impact to our operations, financial performance, clients, technology, reputation, business strategy and regulatory environment. The risk committee of the board of directors reviews and approves a list of top enterprise risks and the risk appetite relating to such risks. Among the top risks included in our ERM program is cybersecurity risk. Response plans are developed, tracked and implemented for residual risks that are above the acceptable tolerance level.
Cybersecurity Risk
Management’s Role in Cybersecurity
Our global cybersecurity services team is responsible for assessing our technology environment, identifying emerging cybersecurity threats and evolving cybersecurity threat capabilities, and implementing business processes and technical defenses to safeguard our technology environment and services. Our management has established a cybersecurity and technology risk committee focused on managing cybersecurity and technology risk and implementing cybersecurity and technology plans, strategies and objectives. The committee is chaired by the Deputy Chief Information Security Officer, who reports to the Chief Operating Officer through our Chief Information Security Officer, and is comprised of senior business, cybersecurity, and technology leaders responsible for delivering our products and services. Our cybersecurity program is designed to enable us to detect and respond to cybersecurity incidents, continually improve the effectiveness of our cybersecurity controls, and dynamically respond to the evolving threat landscape.
Our cybersecurity operation center monitors our environment to detect cybersecurity incidents, identifies suspicious activities or unusual behaviors, and responds with the objective of minimizing potential impact to operations. We use various security technologies and controls and modern analytics designed to detect, prevent and respond to cybersecurity threats. Our global cybersecurity services team collects intelligence from the private and public sector related to cybersecurity threats, emerging adversarial campaigns and vulnerabilities. The global cybersecurity services team uses this information, along with internal intelligence and analytics, to evaluate the potential cybersecurity threats and develop security strategies to reduce risk and improve response.
We maintain a global cybersecurity policy that incorporates recognized industry standards from the National Institute of Standards and Technology including the Cybersecurity Framework and Special Publication 800-53 Security and Privacy Controls for Information Systems and Organizations as well as various security certifications.
21

Table of Contents                                 
Our employees play a vital role in protecting our and our clients’ data. We provide regular, mandatory training for our employees regarding cybersecurity threats to equip our employees with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices. The traditional requirement for associate cybersecurity training is complemented by frequent security education and awareness campaigns. Each month, we feature a different security topic such as data loss prevention, phishing and ransomware. We also maintain a third-party risk management program to identify, assess, mitigate and monitor risks associated with third parties’ software and services that we utilize.
Our Chief Information Security Officer has served in various senior roles in information technology and information security, in both the public and private sector, for over two decades and maintains a Certified Chief Information Security Officer professional certification. Similarly, the other members of our global cybersecurity services team have cybersecurity training and experience in both the public, including military and law enforcement, and private sectors and maintain various certifications in relevant subjects.
Board Oversight
The board of directors maintains primary oversight of the company’s strategic, operational and financial risks, including cybersecurity risks. The risk committee of the board of directors assists the board in its oversight of such risks and is primarily responsible for oversight of cybersecurity risks. The risk committee regularly reviews and discusses with management the current cybersecurity threat landscape, emerging trends and developments, and the company’s guidelines, policies and processes for monitoring, managing, and mitigating cybersecurity risks.
The board and the risk committee receive regular presentations and reports from management as well as outside experts on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technology trends and information security considerations arising with respect to our peers and third parties. On an annual basis, the board and the risk committee discuss our approach to cybersecurity risk management with our Chief Risk Officer, Chief Compliance Officer and Chief Information Officer, among others. The board and the risk committee receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed.
Impact of Cybersecurity Threats
Our results of operations and financial condition have not been materially affected by cybersecurity threats or incidents to date. However, to assess, identify, and manage material risks from cybersecurity threats, including as a result of previous cybersecurity incidents, we have invested and expect to continue to invest significant resources to maintain and enhance our information security and controls or to investigate and mitigate security vulnerabilities. As a result, cybersecurity threats and other technological risks involving our systems have materially affected our business strategy and processes. Although we believe that we maintain a robust program of information security and controls and that none of the cybersecurity incidents that we have encountered to date have materially affected us, we cannot be certain that the security measures and procedures we have in place to detect security incidents and protect sensitive data will be successful or sufficient to counter all current and emerging risks and threats. The impact of a material cybersecurity incident involving our systems and data, or those of our clients, partners or vendors, could have a material adverse effect on our business strategy, results of operations and financial condition.
Item 2.  Properties
At December 31, 2023, we owned 18 and leased 117 properties globally. Our real estate strategy includes developing state-of-the art centralized campus environments in strategic locations across the U.S., including in Florida, Georgia, Nebraska, New Jersey and Wisconsin. These locations are used for operational, data center, sales, management and administrative purposes. As a normal part of our business operations, including in connection with the integration of companies that we acquire, we regularly review our real estate portfolio. We may choose to acquire or dispose of properties in order to maintain a real estate footprint designed to maximize collaboration, innovation and communication in ways that enable us to best serve our clients and to create more opportunities for professional growth and development for our associates.
Item 3.  Legal Proceedings
In the normal course of business, we or our subsidiaries are named as defendants in lawsuits in which claims are asserted against us. In the opinion of management, the liabilities, if any, which may ultimately result from such lawsuits are not expected to have a material adverse effect on our consolidated financial statements.
22

Table of Contents                                 
Item 4.  Mine Safety Disclosures
Not applicable.
23

Table of Contents                                 
INFORMATION ABOUT OUR EXECUTIVE OFFICERS
The names of our executive officers as of February 22, 2024, together with their ages, positions and business experience are described below:
NameAgeTitle
Frank J. Bisignano64Chairman, President and Chief Executive Officer
Guy Chiarello64Chief Operating Officer
John Gibbons
64
Head of Financial Institutions Group
Robert W. Hau58Chief Financial Officer
Jennifer LaClair
52
Head of Global Business Solutions
Adam L. Rosman58Chief Administrative Officer and Chief Legal Officer
Mr. Bisignano has served as Chairman of the Board since 2022, Chief Executive Officer since 2020 and a director and President since 2019. He served as Chief Operating Officer from 2019 to 2020. Mr. Bisignano joined Fiserv as part of the acquisition of First Data Corporation in 2019, where he served as chief executive officer since 2013 and chairman since 2014. From 2005 to 2013, he held various executive positions with JPMorgan Chase & Co., a global financial services firm, including co-chief operating officer, chief executive officer of mortgage banking and chief administrative officer. From 2002 to 2005, Mr. Bisignano served as chief executive officer for Citigroup’s Global Transactions Services business and a member of Citigroup’s Management Committee.
Mr. Chiarello has served as Chief Operating Officer since 2021 and previously served as Chief Administrative Officer from 2019 to 2021. Mr. Chiarello joined Fiserv as part of the acquisition of First Data Corporation in 2019, where he served as president since 2013. From 2007 to 2013, he served as chief information officer of JPMorgan Chase & Co., a global financial services firm. From 1985 to 2007, Mr. Chiarello served in various technology and leadership roles including chief information officer at Morgan Stanley, a global financial services firm.
Mr. Gibbons has served as Head of the Financial Institutions Group since October 2023, and previously served as Co-Head of the Financial Institutions Group since March 2023 and Head of the Europe, Middle East, and Africa (EMEA) region since joining Fiserv in 2019 as a part of the acquisition of First Data Corporation, where he served as Head of the EMEA region since 2018. Before joining First Data Corporation, Mr. Gibbons led global transaction banking at Deutsche Bank, a global financial services firm, from 2016 to 2018, and served in various leadership roles at JPMorgan Chase & Co., a global financial services firm, from 2011 to 2016, including as regional executive for EMEA and global head of banks and broker dealers for treasury services.
Mr. Hau has served as Chief Financial Officer since 2016. Before joining Fiserv, Mr. Hau served as executive vice president and chief financial officer at TE Connectivity Ltd., a global technology and manufacturing company, from 2012 to 2016. From 2009 to 2012, he served as executive vice president and chief financial officer at Lennox International Inc., a provider of products and services in the heating, air conditioning, and refrigeration markets; and from 2006 to 2009, he served as vice president and chief financial officer for the aerospace business group of Honeywell International, Inc., a technology and manufacturing company.
Ms. LaClair has served as Head of Global Business Solutions since January 2024 and previously served as Chief Revenue Officer since July 2023. Before joining Fiserv, Ms. LaClair served as chief financial officer of Ally Financial, a digital-only bank and national retail auto lender, from 2017 to 2022. From 2007 to 2017, Ms. LaClair held multiple leadership roles at PNC Financial Services, including chief financial officer for all businesses spanning consumer, commercial and corporate banking, mortgage, and asset management, and head of PNC’s business bank, including merchant services. Prior to that, from 2001 to 2007, Ms. LaClair worked at McKinsey & Company, where she was a strategy consultant and practice manager for the North America operations practice.
Mr. Rosman has served as Chief Administrative Officer and Chief Legal Officer since 2021. Before joining Fiserv, Mr. Rosman was general counsel of OneMain Financial, a consumer lender, from 2020 to 2021. Previously, he served as general counsel of First Data Corporation from 2014 to 2019. Before joining First Data Corporation, Mr. Rosman was group general counsel of Willis Group Holdings plc, a multinational risk advisor, insurance brokerage, and reinsurance brokerage company, from 2012 to 2014, and deputy general counsel from 2009 to 2012. Mr. Rosman also previously served as an assistant U.S. attorney and as deputy assistant to the president and deputy staff secretary for President William J. Clinton.
24

Table of Contents                                 
PART II
Item 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Price Information
Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “FI.” On June 7, 2023, we transferred the listing of our common stock to the NYSE from the NASDAQ Global Select Market, where it had previously traded under the symbol “FISV”. At December 31, 2023, our common stock was held by 1,538 shareholders of record and by a significantly greater number of shareholders who hold shares in nominee or street name accounts with brokers. We have never paid dividends on our common stock and we do not anticipate paying dividends in the foreseeable future. For additional information regarding our expected use of capital, refer to the discussion in this report under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”
Issuer Purchases of Equity Securities
The table below sets forth information with respect to purchases made by or on behalf of us or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of shares of our common stock during the three months ended December 31, 2023:
PeriodTotal Number of
Shares Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs (1)
Maximum Number
of Shares that May
Yet Be Purchased
Under the Plans or
Programs (1)
October 1-31, 20233,300,000 $113.22 3,300,000 57,243,104 
November 1-30, 20232,330,468 122.71 2,330,468 54,912,636 
December 1-31, 20232,933,402 133.08 2,933,402 51,979,234 
Total8,563,870 8,563,870 
(1)On February 22, 2023, our board of directors authorized the purchase of up to 75.0 million shares of our common stock. This authorization does not expire.
Stock Performance Graph
The stock performance graph and related information presented below is not deemed to be “soliciting material” or to be “filed” with the Securities and Exchange Commission or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934 or to the liabilities of Section 18 of the Securities Exchange Act of 1934 and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent we specifically incorporate it by reference into such a filing.
The following graph compares the cumulative total shareholder return on our common stock for the five years ended December 31, 2023 with the S&P 500 Index, the S&P 500 Financials Index and the NASDAQ US Benchmark Transaction Processing Services Index (the “Index”). Prior to September 21, 2020, the Index was known as the NASDAQ US Benchmark Financial Administration Index. The Index, as renamed, is identical to the NASDAQ US Benchmark Financial Administration Index prior to its name change on September 21, 2020. In connection with the transfer of the listing of our common stock to the New York Stock Exchange from the NASDAQ Global Select Market in 2023, we believe the S&P 500 Financials Index is a more appropriate published industry index for comparison purposes going forward as it contains a number of our peers. The graph assumes that $100 was invested on December 31, 2018 in our common stock and each index and that all dividends were reinvested. No cash dividends have been declared on our common stock. The comparisons in the graph are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance of our common stock.
25

Table of Contents                                 
3134
 December 31,
 201820192020202120222023
Fiserv, Inc.$100 $157 $155 $141 $138 $181 
S&P 500 Index100 131 156 200 164 207 
S&P 500 Financials Index
100 132 130 175 157 176 
NASDAQ US Benchmark Transaction Processing Services Index100 139 187 178 139 169 
Item 6. [Reserved]
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to our consolidated financial statements and accompanying notes to help provide an understanding of our financial condition, the changes in our financial condition and our results of operations. This section generally discusses information and results pertaining to the years ended December 31, 2023 and 2022. Information and discussion of results pertaining to the year ended December 31, 2021 not included herein can be found in Part II, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for fiscal year 2022, filed with the Securities and Exchange Commission on February 23, 2023. Our discussion is organized as follows: 
Overview. This section contains background information on our company and the products and services that we provide, acquisitions and dispositions, our enterprise priorities, and the trends affecting our industry in order to provide context for management’s discussion and analysis of our financial condition and results of operations.
Critical accounting policies and estimates. This section contains a discussion of the accounting policies that we believe are important to our financial condition and results of operations and that require judgment and estimates on the part of management in their application. Our critical accounting policies are also summarized in Note 1 to the accompanying consolidated financial statements.
26

Table of Contents                                 
Results of operations. This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the year ended December 31, 2023 to the results for the year ended December 31, 2022.
Liquidity and capital resources. This section provides an analysis of our cash flows and a discussion of our outstanding debt and commitments at December 31, 2023.
Overview
Company Background
We are a leading global provider of payments and financial services technology solutions. We serve clients around the globe, including merchants, banks, credit unions, other financial institutions and corporate clients. We provide account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale (“POS”) and business management platform. Our operations are comprised of the Merchant Acceptance (“Acceptance”) segment, the Financial Technology (“Fintech”) segment and the Payments and Network (“Payments”) segment.
The businesses in our Acceptance segment provide a wide range of commerce-enabling solutions and serve merchants of all sizes around the world. These solutions include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; Clover, our cloud-based POS and integrated commerce operating system for small and mid-sized businesses (“SMBs”) and independent software vendors (“ISVs”); and CaratSM, our integrated operating system for large businesses. We distribute the products and services in the Acceptance segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, ISVs, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements. Merchants, financial institutions and distribution partners in the Acceptance segment are frequently clients of our other segments.
The businesses in our Fintech segment provide financial institutions around the world with the technology solutions they need to run their operations, including products and services that enable financial institutions to process customer deposit and loan accounts and manage an institution’s general ledger and central information files. As a complement to the core account processing functionality, the Fintech segment businesses also provide digital banking, financial and risk management, professional services and consulting, check processing, and other products and services that support numerous types of financial transactions. Certain of the businesses in the Fintech segment provide products or services to corporate clients to facilitate the management of financial processes and transactions. Many of the products and services offered in the Fintech segment are integrated with products and services provided by our other segments.
The businesses in our Payments segment provide financial institutions and corporate and public sector clients with the products and services required to process digital payment transactions. This includes card transactions such as debit, credit and prepaid card processing and services; a range of network services; security and fraud protection products; and card production and print services. In addition, the Payments segment businesses offer non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, electronic billing, and security and fraud protection products. Clients of the Payments segment businesses reflect a wide range of industries around the world, including merchants, distribution partners and financial institution customers in our other segments.
Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when we evaluate segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; certain services revenue associated with various dispositions; and our Output Solutions postage reimbursements.
We are effecting changes in our business designed to further enhance operational performance in the delivery of our integrated portfolio of products and solutions to our financial institution clients. As a result, we expect to realign our reportable segments to correspond with these organizational changes, which we expect to be completed effective for the quarter ending March 31, 2024. We continue to allocate resources and assess performance based on the current reportable segment structure.
Acquisitions and Dispositions
We frequently review our businesses to ensure we have the necessary assets to execute our strategy. We expect to acquire businesses when we identify: a compelling strategic need, such as a product, service or technology that helps meet client demand; an opportunity to change industry dynamics; a way to achieve business scale that enables competition and operational efficiency; or similar considerations. We expect to divest businesses that are not in line with our market, product or financial
27

Table of Contents                                 
strategies. The results of operations for the following acquired and divested businesses are included in our consolidated results from the respective dates of acquisition and through the respective dates of disposition.
Acquisitions of Businesses
On October 9, 2023, we acquired Skytef Solucões em Captura de Transações Ltda (“Skytef”), a distributor for ISV partners and merchants of our Electronic Funds Transfer payments software. Skytef is included within the Acceptance segment and expands our distribution network and POS applications. On November 1, 2023, we acquired Sled S.A. (“Sled”), a provider of instant payment solutions. Sled is included within the Acceptance segment and expands our direct payment service capabilities. We acquired these businesses in Latin America for an aggregate purchase price, including hold-backs, of approximately $17 million.
On December 29, 2022, we acquired OrangeData S.A. (“Yacaré”), an Argentina-based payment service provider that enables customers to transact at merchant locations using QR codes. Yacaré is included within the Acceptance segment and enhances our instant payment transaction capabilities. On December 20, 2022, we acquired Merchant One, Inc. (“Merchant One”), an independent sales organization (“ISO”) focused on acquiring merchants in the restaurant, retail and e-commerce industries using an innovative mix of direct and digital marketing strategies. Merchant One is included within the Acceptance segment and enhances our merchant distribution and sales force channels. On September 1, 2022, we acquired NexTable, Inc. (“NexTable”), a provider of cloud-based reservation and table management solutions for restaurants. NexTable is included within the Acceptance segment and expands our end-to-end restaurant solutions. On June 1, 2022, we acquired The LR2 Group, LLC (“City POS”), an ISO that promotes payment processing services and facilitates the sale of POS equipment for merchants. City POS is included within the Acceptance segment and expands our merchant services business. On April 1, 2022, we acquired the remaining majority controlling ownership interest in Finxact, Inc. (“Finxact”), a developer of cloud-native banking solutions powering digital transformation throughout the financial services sector. Finxact is included within the Fintech segment and advances our digital banking strategy, expanding our account processing, digital and payments solutions. We acquired these businesses in 2022 for an aggregate purchase price of $994 million, net of $28 million of acquired cash, and including earn-out provisions estimated at a fair value of $6 million.
Dispositions of Businesses
On July 25, 2023, we sold our financial reconciliation business, which was reported within the Fintech segment, for cash proceeds of $235 million. We recognized a pre-tax gain of $172 million on the sale during the year ended December 31, 2023.
On October 17, 2022, we sold Fiserv Costa Rica, S.A. and our Systems Integration Services (“SIS”) operations, which provides information technology engineering services in the United States of America (“U.S.”) and India, to a single buyer. Fiserv Costa Rica, S.A. and SIS were reported primarily within the Fintech segment. On September 30, 2022, we sold our Korea operations, which were reported within the Acceptance segment. We sold these operations in 2022 for total consideration of $99 million and recognized an aggregate net pre-tax loss on the sales of $83 million. During the year ended December 31, 2023, we recognized a pre-tax loss of $3 million associated with final working capital adjustments related to the disposition of Fiserv Costa Rica, S.A.
Other Transactions
On September 25, 2023, we acquired the remaining 49% ownership interest in European Merchant Services B.V., a Netherlands-based merchant acceptance business, for $56 million. We previously held a majority controlling financial interest in this subsidiary, which continues to be consolidated and reported within the Acceptance segment.
Effective March 2022, we mutually agreed with a minority partner to terminate one of our merchant alliance joint ventures. In conjunction with such termination, the joint venture minority partner elected to exercise its option to purchase certain additional merchant contracts of the joint venture for $175 million, resulting in the recognition of a pre-tax gain of $137 million during the year ended December 31, 2022.
Enterprise Priorities
We aspire to move money and information in a way that moves the world. Our purpose is to deliver superior value for our clients through leading technology, targeted innovation and excellence in everything we do. We are focused on driving growth and creating value by assembling a high-performing and diverse team, integrating our solutions, delivering operational excellence, allocating capital in a disciplined manner, including share repurchase and merger and acquisition activity, and delivering breakthrough innovation. Our long-term priorities are to meet our financial commitments; continue to build high-quality revenue; deepen client relationships with an emphasis on digital solutions and value-added services; deliver innovation
28

Table of Contents                                 
and integration enabling differentiated value for our clients; and generate integration value, including cost and revenue synergies from acquisitions.
Industry Trends
The global payments landscape continues to evolve, with rapidly advancing technologies and a steady expansion of digital payments, e-commerce and real-time payments infrastructure. Because of this growth, competition also continues to intensify. Business and consumer expectations continue to rise, with a focus on speed, convenience, choice and security. To meet these expectations, payments companies are focused on modernizing their technology, expanding the use of data and enhancing the customer experience.
Merchants
The rapid growth in and globalization of mobile and e-commerce, driven by consumers’ desire for simpler, more efficient shopping experiences, has created an opportunity for merchants to reach consumers nearly anywhere, through any device, which often requires a merchant acquiring provider to enable and optimize the acceptance of payments. Merchants are demanding simpler, integrated and flexible systems to enable them to serve customers and help manage cash flow and everyday business operations. When combined with the ever-increasing ways a consumer can pay for goods and services, merchants have sought modern end-to-end solutions throughout their growth lifecycle to streamline the complexity. Furthermore, merchants can now search, discover, compare, purchase and even install a new system through direct, digital-only experiences. This direct, digital-only channel is a source of new merchant acquisition opportunities, especially with respect to smaller merchants.
Additionally, there are numerous software-as-a-service (“SaaS”) solution providers in the industry, many of which have chosen to integrate merchant acquiring into their software as a way to generate revenue from existing client relationships. Such providers are independent software vendors, typically referred to as ISVs, and we believe there are thousands of these potential distribution partnership opportunities to cross-sell multiple value-added solutions available to us.
We believe that our merchant acquiring products and solutions create compelling value propositions for merchant clients of all sizes, from small and mid-sized businesses to medium-sized regional businesses to global enterprise merchants. The depth and breadth of our omnichannel solutions, and flexibility to serve clients across various channels and geographies, drives higher product attach rates with new and existing clients across all verticals. Furthermore, we believe that our strength in distribution, our progress growing software and services, and our value-based pricing as we continue to invest in our operating systems, gives us a solid foundation for growth.
Financial Institutions and Other Financial Technology Providers
Financial services providers regularly introduce and implement new payment, deposit, risk management, lending and investment products, and the distinctions among the products and services traditionally offered by different types of financial institutions and other financial technology providers continue to narrow as they seek to serve the same customers. At the same time, the evolving global regulatory and cybersecurity landscape has continued to create a challenging operating environment for financial institutions. These conditions are driving heightened interest in solutions that help financial institutions win and retain customers, generate revenue, comply with regulations and enhance operating efficiency. In addition, the focus on the customer experience, including through mobile and online engagement, by both financial institutions and their customers, as well as the growing volume and types of payment transactions in the marketplace, continues to elevate the data and transaction processing needs of financial institutions.
Financial institutions must now be able to serve their customers with tailored solutions, delivered how and when those customers want. This requires financial institutions to not only process their transactions, but to integrate their products and services to give customers easy access to such integrated solutions, when they need it. Financial institutions are striving for this single, integrated view of a customer’s activity. We believe that the integration of our products and services creates a compelling value proposition for our clients by providing, among other things, new sources of revenue and opportunities to reduce their costs. We have invested in integrating our platforms and value-added solutions to make it easy for a client to buy across our full product suite.
We expect that financial institutions and other financial technology providers will continue to invest significant capital to process transactions, manage information, maintain regulatory compliance and offer innovative new services to their customers in this rapidly evolving and competitive environmental shift from traditional to digital banking. We believe that economies of scale in developing and maintaining the infrastructure, technology, products, services and networks necessary to be competitive in such an environment are essential to justify these investments, and we anticipate that demand for products that facilitate customer interaction with financial institutions, including a unified, seamless customer experience across mobile and online channels, will continue to increase, which we expect to create revenue opportunities for us.
29

Table of Contents                                 
Our focus on long-term client relationships and recurring, transaction-oriented products and services has reduced the impact that consolidation in the financial services industry has had on us. Rather than reducing the overall market, these consolidations transfer accounts among financial institutions. If a client loss occurs due to merger or acquisition, we typically receive a contract termination fee based on the size of the client and how early in the contract term the contract is terminated. We believe that our sizable and diverse client base, combined with our position as a leading provider of non-discretionary, recurring revenue-based products and services, gives us a solid foundation for growth.
Recent Market Conditions
Global macroeconomic conditions, including rising interest rates, inflation, bank failures, disruptions in the global supply chain, changes in consumer spending, the effects of international hostilities and regulations restricting trade or impacting our ability to offer products or services, could have a material adverse effect on our business, results of operations and financial condition. While bank failures in early 2023 created uncertainty in the global financial markets, they did not have a material impact on our operating results. However, future bank failures could impact our receivable collections and cash flows or affect our ability to find merchant alliance partners. In addition, in recent years, we have observed increased shortages and delays in the global supply chain for components and inputs necessary to our businesses, such as point-of-sale devices, semiconductors, paper and plastic, and may experience difficulty procuring those components and inputs in the future on a timely basis or at historical prices. Personal consumption and consumer savings growth in the U.S. are expected to be lower in 2024, which may also negatively impact our business and financial results. We actively monitor and manage our business in response to these unpredictable geopolitical and market conditions, as they may adversely impact our operations and financial results.
In addition, our operating results in certain foreign countries in which we operate may be adversely impacted by fluctuations in exchange rates for currencies other than the U.S. dollar, including the Euro, British Pound Sterling and Argentine Peso. The strengthening of the U.S. dollar against certain foreign currencies in countries in which we operate would negatively impact our revenue and earnings. We also have exposure to risks related to currency devaluation in certain countries, which may negatively impact our international operating results if there is a prolonged devaluation of local currencies relative to the U.S. dollar or if the economic conditions in these countries decline. While the majority of our revenue is earned domestically, we actively monitor the foreign exchange rate environment in an effort to manage these risks.
The operations of our Argentina subsidiary are experiencing higher interest rates and higher inflation as compared to historical averages. We expect the anticipated benefits in 2024 of higher transitory revenue from above-average interest and inflation may be offset in whole or in part by foreign currency exchange losses related to a significant devaluation of the Argentine Peso.
For discussion of risks related to potential impacts of supply chain, geopolitical and macroeconomic challenges on our business, results of operations and financial condition, see “Part I. Item 1A. Risk Factors.” For management’s assessment of market risks, including interest rate and foreign currency risks, see “Part II. Item 7A. Quantitative and Qualitative Disclosures About Market Risk.”
Critical Accounting Policies and Estimates
Our consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the U.S., which require management to make estimates, judgments and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. We continually evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements, including for recently adopted accounting pronouncements, and base our estimates on historical experience and assumptions that we believe are reasonable in light of current circumstances. Actual amounts and results could differ materially from these estimates.
Acquisitions
From time to time, we make strategic acquisitions that may have a material impact on our consolidated results of operations or financial position. We allocate the purchase price of acquired businesses to the assets acquired and liabilities assumed in the transaction at their estimated fair values. The estimates used to determine the fair value of long-lived assets, such as intangible assets, can be complex and require significant judgments. We use information available to us to make fair value determinations and engage independent valuation specialists, when necessary, to assist in the fair value determination of significant acquired long-lived assets. The determination of fair value requires estimates about discount rates, growth and retention rates, royalty rates, expected future cash flows and other future events that are judgmental in nature. While we use our best estimates and assumptions as a part of the purchase price allocation process, our estimates are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, we record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to our consolidated statements of income. We are also required to estimate the useful lives of
30

Table of Contents                                 
intangible assets to determine the amount of acquisition-related intangible asset amortization expense to record in future periods. We periodically review the estimated useful lives assigned to our intangible assets to determine whether such estimated useful lives continue to be appropriate. Additional information regarding our acquisitions is included in Note 4 to the consolidated financial statements.
Goodwill and Intangible Assets
We review the carrying value of goodwill for impairment annually, or more frequently if events or circumstances indicate the carrying value may not be recoverable. Goodwill is tested for impairment at a reporting unit level, which is one level below our reportable segments. When reviewing goodwill for impairment, we consider the prior test’s amount of excess fair value over the carrying value of each reporting unit, the period of time since a reporting unit’s last quantitative test, the extent a reorganization or disposition changes the composition of one or more of our reporting units, and other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, we assess numerous factors to determine whether it is more likely than not that the fair value of our reporting units are less than their respective carrying values. Examples of qualitative factors that we assess include our share price, our financial performance, market and competitive factors in our industry and other events specific to our reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test.
The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying value, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, without exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of a reporting unit using both a discounted cash flow analysis and a market approach. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, risk-adjusted discount rates and future economic and market conditions.
Our most recent annual impairment assessment of our reporting units in the fourth quarter of 2023 determined that our goodwill of $37.2 billion was not impaired as the estimated fair values of the respective reporting units exceeded the carrying values. However, for three of our reporting units, with aggregate goodwill of $10.8 billion, the excess of the respective reporting unit’s fair value over carrying value ranged from 16 to 36 percent. If future operating performance is below our expectations or there are material changes to forecasted revenue growth rates or operating margins, risk-adjusted discount rates, foreign currency exchange rates, effective income tax rates, or some combination thereof, a decline in the fair value of the reporting units could result in, and we may be required to record, a goodwill impairment charge. Additionally, a significant change in a merchant alliance business relationship or operating performance could result in a material goodwill impairment charge. It is also reasonably possible that future developments related to the interest rate environment, a shift in strategic initiatives, or significant changes in the composition of certain of our reporting units could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment. We have no accumulated goodwill impairment through December 31, 2023. Additional information regarding our goodwill is included in Note 7 to the consolidated financial statements.
We review intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. We review capitalized software development costs for impairment at each reporting date. Recoverability of intangible assets is assessed by comparing the carrying amount of the asset to either the undiscounted future cash flows expected to be generated by the asset or the net realizable value of the asset, depending on the type of asset. Determining future cash flows and net realizable values involves judgment and the use of significant estimates and assumptions regarding future economic and market conditions. Measurement of any impairment loss is based on estimated fair value. Additional information regarding our intangible assets is included in Note 6 to the consolidated financial statements. Given the significance of our goodwill and intangible asset balances, an adverse change in fair value could result in an impairment charge, which could be material to our consolidated financial statements.
Revenue Recognition
Revenue is measured based on consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. As a practical expedient, we do not adjust the transaction price for the effects of a significant financing component if, at contract inception, the period between customer payment and the transfer of goods or services is expected to be one year or less. Contracts with customers are evaluated on a contract-by-contract basis as contracts may include multiple types of goods and services as described below.
31

Table of Contents                                 
Processing and Services
Processing and services revenue is generated from account- and transaction-based fees for data processing, merchant transaction processing and acquiring, electronic billing and payment services, electronic funds transfer and debit/credit processing services; consulting and professional services; and software maintenance for ongoing client support.
We recognize processing and services revenue in the period in which the specific service is performed unless they are not deemed distinct from other goods or services, which revenue would then be recognized as control is transferred of the combined goods and services. Our arrangements for processing and services typically consist of an obligation to provide specific services to our customers on a when- and if-needed basis (a stand-ready obligation) and revenue is recognized from the satisfaction of the performance obligations in the amount billable to the customer. These services are typically provided under a fixed or declining (tier-based) price per unit based on volume of service; however, pricing for services may also be based on minimum monthly usage fees. Fees for our processing and services arrangements are typically billed and paid on a monthly basis.
Product
Product revenue is generated from print and card production sales, as well as software license and hardware (primarily POS devices) sales. For software license agreements that are distinct, we recognize software license revenue upon delivery, assuming a contract is deemed to exist. Revenue for arrangements with customers that include significant customization, modification or production of software such that the software is not distinct is typically recognized over time based upon efforts expended, such as labor hours, to measure progress towards completion. For arrangements involving hosted licensed software for the customer, a software element is considered present to the extent the customer has the contractual right to take possession of the software at any time during the hosting period without significant penalty and it is feasible for the customer to either operate the software on their own hardware or contract with another vendor to host the software. We sell or lease hardware (POS devices) and other peripherals as part of our contracts with customers. Hardware typically consists of terminals or Clover devices. We do not manufacture hardware, rather we purchase hardware from third-party vendors and hold such hardware in inventory until purchased by a customer. We account for the sale of hardware as a separate performance obligation and recognize the revenue at the standalone selling price when the customer obtains control of the hardware.
Significant Judgments
We use the following methods, inputs and assumptions in determining amounts of revenue to recognize. For multi-element arrangements, we account for individual goods or services as a separate performance obligation if they are distinct, if the good or service is separately identifiable from other items in the arrangement, and if a customer can benefit from the good or service on its own or with other resources that are readily available to the customer. If these criteria are not met, the promised goods or services are accounted for as a combined performance obligation. Determining whether goods or services are distinct performance obligations that should be accounted for separately may require significant judgment.
Technology or service components from third parties are frequently embedded in or combined with our applications or service offerings. Whether we recognize revenue based on the gross amount billed to a customer or the net amount retained involves judgment that depends on the relevant facts and circumstances, including the level of contractual responsibilities and obligations for delivering solutions to end customers, to determine whether we obtain control of goods and services prior to their transfer to a customer.
The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring products or services to the customer. We include any fixed charges within our contracts as part of the total transaction price. To the extent that variable consideration is not constrained, we include an estimate of the variable amount, as appropriate, within the total transaction price and update our assumptions over the duration of the contract. We may constrain the estimated transaction price in the event of a high degree of uncertainty as to the final consideration amount owed because of an extended length of time over which the fees may be adjusted. The transaction price (including any discounts or rebates) is allocated between distinct goods and services in a multi-element arrangement based on their relative standalone selling prices. For items that are not sold separately, we estimate the standalone selling prices using available information such as market conditions and internally approved pricing guidelines. Judgment may be required to determine standalone selling prices for each performance obligation and whether it depicts the amount we expect to receive in exchange for the related good or service.
Contract modifications occur when we and our customers agree to modify existing customer contracts to change the scope or price (or both) of the contract, or when a customer terminates some, or all, of the existing services provided by us. When a contract modification occurs, it requires us to exercise judgment to determine if the modification should be accounted for as (i) a separate contract, (ii) the termination of the original contract and creation of a new contract, or (iii) a cumulative catch up adjustment to the original contract. Further, contract modifications require the identification and evaluation of the performance obligations of the modified contract, including the allocation of revenue to the remaining performance obligations and the
32

Table of Contents                                 
period of recognition for each identified performance obligation. Additional information regarding our revenue recognition policies is included in Note 3 to the consolidated financial statements.
Income Taxes
The determination of our provision for income taxes requires management’s judgment in the use of estimates and the interpretation and application of complex tax laws, including certain complexities attributed to our global footprint. Judgment is also required in assessing the timing and amounts of deductible and taxable items. We establish a liability for known tax exposures relating to deductions, transactions and other matters involving some uncertainty as to the proper tax treatment of the item. In establishing a liability for known tax exposures, assumptions are made in determining whether, and the extent to which, a tax position will be sustained. A tax benefit with respect to a tax position is recognized only when it is more likely than not to be sustained upon examination by the relevant taxing authority, based on its technical merits, considering the facts and circumstances available as of the reporting date. The amount of tax benefit recognized reflects the largest benefit that we believe is more likely than not to be realized on settlement with the relevant taxing authority. As additional information becomes available, we evaluate our tax positions and appropriately adjust our liability for known tax exposures.
We maintain net operating loss carryforwards in various taxing jurisdictions, resulting in the establishment of deferred tax assets. We establish a valuation allowance against our deferred tax assets when, based upon the weight of all available evidence, we believe it is more likely than not that some portion or all of the deferred tax assets will not be realized. In making this determination, we have considered the relative impact of all of the available positive and negative evidence regarding future sources of taxable income and available tax planning strategies. However, there could be a material impact to our effective income tax rate if there is a significant change in our judgment. To the extent our judgment changes, the valuation allowances are then adjusted as appropriate, generally through the provision for income taxes, in the period in which the change in facts and circumstances occurs. Additional information regarding our income taxes is included in Note 17 to the consolidated financial statements.
Results of Operations
Components of Revenue and Expenses
The following summary describes the components of revenue and expenses as presented in our consolidated statements of income.
Processing and Services
Processing and services revenue, which represented 82% of our total revenue in 2023, is primarily generated from account- and transaction-based fees under multi-year contracts. Processing and services revenue is most reflective of our business performance as a significant amount of our total operating profit is generated by these services. Cost of processing and services consists of costs directly associated with providing services to clients and includes the following: personnel; equipment and data communication; infrastructure costs, including costs to maintain software applications; client support; certain depreciation and amortization; and other operating expenses.
Product
Product revenue, which represented 18% of our total revenue in 2023, is derived from print and card production sales, as well as software license and hardware (primarily POS devices) sales. Cost of product consists of costs directly associated with the products sold and includes the following: costs of materials and postage; software development; hardware costs (primarily POS devices); personnel; infrastructure costs; certain depreciation and amortization; and other costs directly associated with product revenue.
Selling, General and Administrative Expenses
Selling, general and administrative expenses primarily consist of: salaries, wages, commissions and related expenses paid to sales personnel, administrative employees and management; third-party commissions; advertising and promotional costs; certain depreciation and amortization; and other selling and administrative expenses.
33

Table of Contents                                 
Financial Results
The following table presents certain amounts included in our consolidated statements of income, the relative percentage that those amounts represent to revenue and the change in those amounts from year to year. This information should be read together with the consolidated financial statements and accompanying notes. The financial results presented below have been affected by acquisitions, dispositions, and foreign currency fluctuations.
Year Ended December 31,
20232022
Percentage of Revenue (1)
Increase (Decrease)
(In millions)20232022$%
Revenue:
Processing and services$15,630 $14,460 81.9 %81.5 %$1,170 %
Product3,463 3,277 18.1 %18.5 %186 %
Total revenue19,093 17,737 100.0 %100.0 %1,356 %
Expenses:
Cost of processing and services5,332 5,771 34.1 %39.9 %(439)(8)%
Cost of product2,338 2,221 67.5 %67.8 %117 %
Sub-total7,670 7,992 40.2 %45.1 %(322)(4)%
Selling, general and administrative6,576 6,059 34.4 %34.2 %517 %
Net gain on sale of businesses and other assets(167)(54)(0.9)%(0.3)%113 n/m
Total expenses14,079 13,997 73.7 %78.9 %82 %
Operating income5,014 3,740 26.3 %21.1 %1,274 34 %
Interest expense, net(976)(733)(5.1)%(4.1)%243 33 %
Other expense, net(140)(94)(0.7)%(0.5)%46 49 %
Income before income taxes and (loss) income from investments in unconsolidated affiliates3,898 2,913 20.4 %16.4 %985 34 %
Income tax provision(754)(551)(3.9)%(3.1)%203 37 %
(Loss) income from investments in unconsolidated affiliates(15)220 (0.1)%1.2 %(235)n/m
Net income3,129 2,582 16.4 %14.6 %547 21 %
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests61 52 0.3 %0.3 %17 %
Net income attributable to Fiserv, Inc.$3,068 $2,530 16.1 %14.3 %$538 21 %
(1)Percentage of revenue is calculated as the relevant revenue, expense, or income amount divided by total revenue, except for cost of processing and services and cost of product amounts, which are divided by the related component of revenue.
34

Table of Contents                                 
Year Ended December 31,
(In millions)AcceptanceFintechPaymentsCorporate
and Other
Total
Total revenue:
2023$8,132 $3,171 $6,696 $1,094 $19,093 
20227,292 3,170 6,262 1,013 17,737 
Revenue growth$840 $$434 $81 $1,356 
Revenue growth percentage12 %— %%%
Operating income (loss):
2023$2,856 $1,159 $3,189 $(2,190)$5,014 
20222,321 1,157 2,823 (2,561)3,740 
Operating income growth$535 $$366 $371 $1,274 
Operating income growth percentage23 %— %13 %34 %
Operating margin:
202335.1 %36.6 %47.6 %26.3 %
202231.8 %36.5 %45.1 %21.1 %
Operating margin growth (1)
330  bps10  bps250  bps520  bps
(1)Represents the basis point growth in operating margin.
Operating margin percentages are calculated using actual, unrounded amounts.
Total Revenue
Total revenue increased $1,356 million, or 8%, in 2023 compared to 2022. The revenue increase was primarily driven by higher global processing revenue, partially offset by a 3% decrease due to foreign currency exchange rate fluctuations in 2023.
Revenue in our Acceptance segment increased $840 million, or 12%, in 2023 compared to 2022. The revenue increase was driven by higher merchant acquiring payment volume, primarily from our international operations, as well as higher global merchant acquiring transaction volume. The revenue increase also included contributions from our Clover and Carat operating systems and the expansion of our merchant relationships through value-added services. Acceptance segment revenue growth was partially offset by an 8% decrease due to foreign currency exchange rate fluctuations in 2023.
Revenue in our Fintech segment was relatively flat in 2023 compared to 2022. An increase in Fintech segment processing revenue was primarily offset by a $54 million decrease in license and termination fee revenue in 2023.
Revenue in our Payments segment increased $434 million, or 7%, in 2023 compared to 2022. In 2023, our debit and credit processing businesses each contributed 2% to Payments segment revenue growth, primarily driven by an increase in debit transactions and active accounts, respectively. Our Zelle® and Output Solutions businesses each contributed 1% to Payments segment revenue growth in 2023, driven by an increase in transactions and favorable product mix, respectively.
Revenue at Corporate and Other increased $81 million, or 8%, in 2023 compared to 2022, primarily due to increased postage revenue from postage rate increases during 2023.
Total Expenses
Total expenses increased $82 million, or 1%, in 2023 compared to 2022. Total expenses as a percentage of total revenue decreased 520 basis points to 73.7% in 2023 compared to 2022. Total expenses as a percentage of total revenue were favorably impacted in 2023 by a reduction in amortization of acquisition-related intangible assets and severance costs of approximately 100 basis points and 70 basis points, respectively. Total expenses as a percentage of total revenue were also favorably impacted by a $172 million pre-tax gain on the sale of our financial reconciliation business in 2023. The remaining decrease in total expenses as a percentage of total revenue was due to operating leverage across our various businesses.
Cost of processing and services as a percentage of processing and services revenue decreased to 34.1% in 2023 compared to 39.9% in 2022. Cost of processing and services as a percentage of processing and services revenue was favorably impacted in 2023 by strong operating leverage accompanying scalable revenue growth and expense management initiatives.
Cost of product as a percentage of product revenue decreased slightly to 67.5% in 2023 compared to 67.8% in 2022. The cost of product as a percentage of product revenue in 2023 was impacted by revenue mix between license fee and hardware revenue.
35

Table of Contents                                 
Selling, general and administrative expenses as a percentage of total revenue increased slightly to 34.4% in 2023 compared to 34.2% in 2022. Selling, general and administrative expenses as a percentage of total revenue in 2023 included an increase in personnel costs and payments to our distribution partners, offset by a reduction in amortization of acquisition-related intangible assets of approximately 90 basis points.
The net gain on sale of businesses and other assets in 2023 primarily included a $172 million pre-tax gain from the sale of our financial reconciliation business. The net gain on sale of businesses and other assets in 2022 of $54 million included a $137 million pre-tax gain from the sale of certain merchant contracts in conjunction with the mutual termination of one of our merchant alliance joint ventures and a $44 million pre-tax gain from the sale of Fiserv Costa Rica, S.A. and our SIS operations. The gains in 2022 were partially offset by a $127 million pre-tax loss from the sale of our Korea operations.
Operating Income and Operating Margin
Total operating income increased $1,274 million, or 34%, in 2023 compared to 2022. Total operating margin increased 520 basis points to 26.3% in 2023 compared to 2022. Total operating income and total operating margin benefited from scalable revenue growth, along with a reduction in amortization of acquisition related intangible assets and severance costs. Total operating margin in 2023 was also favorably impacted by a $172 million pre-tax gain from the sale of our financial reconciliation business.
Operating income in our Acceptance segment increased $535 million, or 23%, in 2023 compared to 2022. Operating margin increased 330 basis points to 35.1% in 2023 compared to 2022. Operating income and operating margin growth in our Acceptance segment was primarily due to operating leverage.
Operating income and operating margin in our Fintech segment was relatively flat in 2023 compared to 2022. Operating income and operating margin growth in our Fintech segment from operating leverage and expense management initiatives was primarily offset by a $54 million decrease in high margin license and termination fee revenue.
Operating income in our Payments segment increased $366 million, or 13%, in 2023 compared to 2022. Operating margin increased 250 basis points to 47.6% in 2023 compared to 2022. Payments segment operating income and margin growth in 2023 was primarily due to scalable revenue growth from our debit and credit processing businesses, as well as expense management initiatives in 2023.
The operating loss in Corporate and Other decreased $371 million in 2023 compared to 2022. The operating loss in 2023 was favorably impacted by a reduction of $191 million and $135 million in amortization of acquisition related intangible assets and severance costs, respectively. The operating loss in 2023 included a $172 million pre-tax gain on the sale of our financial reconciliation business and in 2022 a $54 million net pre-tax gain, attributed to the sale of businesses and other assets, as described above.
Interest Expense, Net
Interest expense, net increased $243 million, or 33%, in 2023 compared to 2022 due to our public offering and issuance of $1.8 billion, 800 million Euros and $2.0 billion of higher fixed-rate senior notes in March 2023, May 2023 and August 2023, respectively, as well as increased variable rate borrowings associated with our settlement advance cash program in Latin America.
Other Expense, Net
Other expense, net increased $46 million in 2023 compared to 2022. Other expense, net includes foreign currency transaction gains and losses, gains or losses from a change in fair value of investments in certain equity securities, and amounts related to debt guarantee arrangements of certain joint ventures. Net foreign currency transaction losses increased $114 million in 2023, including devaluation losses from the remeasurement of our Argentina subsidiary’s monetary assets and liabilities in Argentina’s highly inflationary economy. Other expense, net in 2022 included net pre-tax expense of $48 million associated with joint venture debt guarantees.
Income Tax Provision
Income tax provision as a percentage of income before income taxes and (loss) income from investments in unconsolidated affiliates was 19.3% and 18.9% in 2023 and 2022, respectively.
The effective income tax rate for both 2023 and 2022 included discrete tax benefits from subsidiary restructurings and equity compensation related tax benefits. The effective income tax rate for 2023 also included tax benefits from the purchase of transferable federal tax credits.
36

Table of Contents                                 
(Loss) Income from Investments in Unconsolidated Affiliates
Our share of net (loss) income from unconsolidated affiliates accounted for using the equity method is reported as (loss) income from investments in unconsolidated affiliates, and the related tax benefit (expense) is reported within the income tax provision in the consolidated statements of income. (Loss) income from investments in unconsolidated affiliates, including acquired intangible asset amortization from valuations in purchase accounting, was $(15) million and $220 million in 2023 and 2022, respectively. Income from investments in unconsolidated affiliates in 2022 included pre-tax net gains totaling $209 million, primarily related to the acquisition-date fair value remeasurement of our previously held equity interest in Finxact of $110 million, as well as $80 million resulting from the dilution of our ownership interest in conjunction with the Sagent M&C, LLC transaction with a third party.
Net Income Attributable to Noncontrolling Interests
Net income attributable to noncontrolling interests and redeemable noncontrolling interests relates to the minority partners’ share of the net income in our consolidated subsidiaries. Net income attributable to noncontrolling interests, including acquired intangible asset amortization from valuations in purchase accounting, was $61 million and $52 million in 2023 and 2022, respectively.
Net Income Per Share - Diluted
Net income attributable to Fiserv, Inc. per share-diluted was $4.98 and $3.91 in 2023 and 2022, respectively. In addition to the favorable impacts to net income attributable to Fiserv, Inc. described above, we repurchased 40.0 million shares of our common stock, reducing diluted weighted average outstanding shares by 5% for the full year.
Liquidity and Capital Resources
General
Our primary liquidity needs in the ordinary course of business are to: (i) fund normal operating expenses; (ii) meet the interest and principal requirements of our outstanding indebtedness, including finance leases; and (iii) fund capital expenditures and operating lease payments. We believe these needs will be satisfied in both the short and long term using cash flow generated by our operations, along with our cash and cash equivalents of $1.2 billion, proceeds from the issuance of U.S. dollar and Euro commercial paper, and available capacity under our revolving credit facility of $2.2 billion (net of outstanding revolver borrowings and $3.8 billion of capacity designated for outstanding borrowings under our commercial paper programs, senior notes due in 2024 and letters of credit) at December 31, 2023.
The following table summarizes our net cash provided by operating activities, or operating cash flow, and capital expenditures:
  
Year Ended
December 31,
Increase (Decrease)
(In millions)20232022$%
Net income$3,129 $2,582 $547 
Depreciation and amortization3,162 3,212 (50)
Share-based compensation342 323 19 
Deferred income taxes(511)(558)47 
Net gain on sale of businesses and other assets(167)(54)(113)
Loss (income) from investments in unconsolidated affiliates
15 (220)235 
Distributions from unconsolidated affiliates55 73 (18)
Non-cash impairment charges— 14 (14)
Net changes in working capital and other(863)(754)(109)
Net cash provided by operating activities$5,162 $4,618 $544 12 %
Capital expenditures, including capitalized software and other intangibles
$1,388 $1,479 $(91)(6)%
Our operating cash flow was $5.2 billion in 2023, an increase of 12% compared with $4.6 billion in 2022. This increase was attributable to improved profitability and corresponding cash flows, partially offset by higher working capital use.
37

Table of Contents                                 
We maintain investments in various affiliates that are accounted for as equity method investments. Total distributions from unconsolidated affiliates, including those classified as cash flows from investing activities, were $191 million and $211 million during 2023 and 2022, respectively.
Our current policy is to use our operating cash flow primarily to fund capital expenditures, share repurchases, acquisitions and to repay debt rather than to pay dividends. Our capital expenditures were approximately 7% and 8% of our total revenue in 2023 and 2022, respectively.
Cash Requirements
The following table details our future cash requirements under certain contractual obligations at December 31, 2023:
(In millions)TotalLess than
1 year
1-3 years3-5 yearsMore than
5 years
Long-term debt, including interest (1) (2)
$28,937 $1,576 $5,322 $9,120 $12,919 
Minimum finance lease payments (1)
686 216 336 128 
Minimum operating lease payments (1) (2)
946 131 239 190 386 
Purchase obligations (1) (3)
1,890 688 768 292 142 
Income tax obligations84 10 23 46 
Total$32,543 $2,616 $6,675 $9,753 $13,499 
(1)Interest, finance lease, operating lease and purchase obligations are reported on a pre-tax basis.
(2)The calculations assume that only mandatory debt repayments are made, no additional refinancing or lending occurs, except for our 2.750% senior notes due in July 2024, and U.S. dollar and Euro commercial paper notes programs as we have the intent to refinance this debt on a long-term basis through the issuance of new commercial paper notes upon maturity, and we have the ability to do so under our revolving credit facility maturing in June 2027. The variable rate on the revolving credit facility is priced at the rate in effect at December 31, 2023.
(3)Represents enforceable and legally binding agreements to purchase goods or services based on signed contracts as of December 31, 2023.
Share Repurchases
On August 8, 2023, we repurchased 4.1 million shares of our common stock for $121.98 per share in a privately negotiated transaction with ValueAct Capital Master Fund, L.P. for an aggregate purchase price of $500 million. Including this transaction, we repurchased $4.7 billion and $2.5 billion of our common stock in 2023 and 2022, respectively. On February 22, 2023, our board of directors approved a repurchase authorization for an additional 75.0 million shares. As of December 31, 2023, we had approximately 52.0 million shares remaining under our then existing repurchase authorization. Shares repurchased are generally held for issuance in connection with our equity plans.
Acquisitions and Dispositions
Acquisitions of Businesses
We acquired Skytef in October 2023 and Sled in November 2023 for an aggregate purchase price, including hold-backs, of approximately $17 million. We acquired Yacaré and Merchant One in December 2022, NexTable in September 2022 and City POS in June 2022. Additionally, we acquired the remaining majority controlling ownership interest in Finxact in April 2022. We acquired these businesses in 2022 for an aggregate purchase price of $994 million, net of $28 million of acquired cash, and including earn-out provisions estimated at a fair value of $6 million.
We funded these acquisitions by utilizing a combination of available cash and proceeds from the issuance of commercial paper. The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.
Dispositions of Businesses
We sold our financial reconciliation business in July 2023 for cash proceeds of $235 million. Net proceeds from the sale were primarily used to pay down indebtedness and repurchase shares of our common stock.
We sold Fiserv Costa Rica, S.A. and our SIS operations in October 2022 and our Korea operations in September 2022 for aggregate net cash proceeds of $77 million, along with a minority noncontrolling equity interest in the buyer of the Korea
38

Table of Contents                                 
operations. The net proceeds from these dispositions were primarily used to pay down indebtedness and repurchase shares of our common stock.
Other Transactions
In September 2023, we acquired the remaining 49% ownership interest in European Merchant Services B.V., in which we previously held a majority controlling financial interest in this consolidated subsidiary, for $56 million. We funded this transaction by utilizing a combination of available cash and proceeds from the issuance of commercial paper.
Effective March 2022, we mutually agreed to terminate a merchant alliance joint venture with a minority partner. In conjunction with such termination, the joint venture minority partner elected to exercise its option to purchase certain additional merchant contracts of the joint venture for cash proceeds of $175 million. The net proceeds from this transaction were primarily used to pay down indebtedness and repurchase shares of our common stock.
Indebtedness
Our debt consisted of the following at:
December 31,
(In millions)20232022
Short-term and current maturities of long-term debt:
Foreign lines of credit$442 $198 
Finance lease and other financing obligations313 270 
Total short-term and current maturities of long-term debt$755 $468 
Long-term debt:
0.375% senior notes due July 2023 (Euro-denominated)$— $531 
3.800% senior notes due October 2023— 1,000 
2.750% senior notes due July 20242,000 2,000 
3.850% senior notes due June 2025900 900 
2.250% senior notes due July 2025 (British Pound-denominated)672 632 
3.200% senior notes due July 20262,000 2,000 
2.250% senior notes due June 20271,000 1,000 
1.125% senior notes due July 2027 (Euro-denominated)555 531 
5.450% senior notes due March 2028900 — 
5.375% senior notes due August 2028700 — 
4.200% senior notes due October 20281,000 1,000 
3.500% senior notes due July 20293,000 3,000 
2.650% senior notes due June 20301,000 1,000 
1.625% senior notes due July 2030 (Euro-denominated)555 531 
4.500% senior notes due May 2031 (Euro-denominated)889 — 
3.000% senior notes due July 2031 (British Pound-denominated)672 632 
5.600% senior notes due March 2033900 — 
5.625% senior notes due August 20331,300 — 
4.400% senior notes due July 20492,000 2,000 
U.S. dollar commercial paper notes418 2,329 
Euro commercial paper notes1,321 1,210 
Revolving credit facility74 35 
Term loan facility— 200 
Unamortized discount and deferred financing costs(145)(120)
Finance lease and other financing obligations652 539 
Total long-term debt$22,363 $20,950 
39

Table of Contents                                 
In August 2023, we completed the public offering and issuance of $2.0 billion of senior notes, comprised of $700 million aggregate principal amount of 5.375% senior notes due in August 2028 and $1.3 billion aggregate principal amount of 5.625% senior notes due in August 2033. In May 2023, we completed the public offering and issuance of 800 million Euros aggregate principal amount of 4.500% senior notes due in May 2031. In March 2023, we completed the public offering and issuance of $1.8 billion of senior notes, comprised of $900 million aggregate principal amount of 5.450% senior notes due in March 2028 and $900 million aggregate principal amount of 5.600% senior notes due in March 2033. We used the net proceeds from these senior notes offerings for general corporate purposes, including the repayment of U.S. dollar commercial paper notes, share repurchases, the repayment of the 0.375% Euro-denominated senior notes in July 2023 and the repayment of the 3.800% senior notes in October 2023.
At December 31, 2023, our debt consisted primarily of $20.0 billion of fixed-rate senior notes and $1.7 billion of outstanding borrowings under our commercial paper programs. Interest on our U.S. dollar-denominated senior notes is paid semi-annually, while interest on our Euro and British Pound-denominated senior notes is paid annually. Interest on our revolving credit facility and commercial paper notes is generally paid weekly, or more frequently on occasion, and interest on our term loan was paid monthly.
At December 31, 2023, the 2.750% senior notes due in July 2024 were classified in the consolidated balance sheet as long-term, as we have the intent to refinance this debt on a long-term basis and the ability to do so under our revolving credit facility. Outstanding borrowings under the commercial paper programs are also classified in the consolidated balance sheet as long-term, as we have the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and also have the ability to refinance such commercial paper under our revolving credit facility.
40

Table of Contents                                 
Variable Rate Debt
Our variable rate debt consisted of the following at December 31, 2023:
(In millions)MaturityWeighted-Average Interest RateOutstanding Borrowings
Foreign lines of creditn/a63.060%$442 
U.S. dollar commercial paper notesvarious5.454%418 
Euro commercial paper notesvarious4.029%1,321 
Revolving credit facilityJune 20276.450%74 
Total variable rate debt15.882%$2,255 
We maintain certain short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund settlement activity associated with operations in Latin America. We entered into an annually renewable term loan facility, which was fully funded in April 2023, to fund settlement advance cash payments in Brazil. This term loan has a notional value of 514 million Brazilian real ($106 million U.S. dollar equivalent) at December 31, 2023 that matures in April 2024 and bears interest at a variable Certificado de Depósito Interbancário (CDI) Rate, plus a specified margin of 1.70% per annum.
The following table provides a summary of the outstanding borrowings and weighted average interest rates of our foreign lines of credit and other borrowing arrangements by country at December 31, 2023:
Outstanding Borrowings
(in millions)
Weighted-Average Interest Rate
Argentina
$208 121.581 %
Brazil
123 13.500 %
Uruguay
55 11.125 %
Other
56 4.912 %
Total
$442 63.060 %
We maintain unsecured U.S. dollar and Euro commercial paper programs with various maturities generally ranging from one day to four months. Outstanding borrowings under our commercial paper programs bear interest based on the prevailing rates at the time of issuance.
We also maintain a senior unsecured multicurrency revolving credit facility, which matures in June 2027 and provides for a maximum aggregate principal amount of availability of $6.0 billion. Borrowings under the credit facility bear interest at a variable rate based on a Secured Overnight Financing Rate (SOFR) or a base rate in the case of U.S. dollar borrowings, in each case, plus a specified margin based on our long-term debt rating in effect from time to time. We are required to pay a facility fee based on the aggregate commitments in effect under the credit agreement from time to time.
In June 2023, we repaid all remaining outstanding borrowings on our existing term loan facility utilizing proceeds from the issuance of U.S. dollar commercial paper notes and operating cash on hand, thereby terminating such facility. Borrowings under the term loan facility accrued interest at a variable rate based on one-month LIBOR or on a base rate, plus, in each case, a specified margin based on our long-term debt rating in effect from time to time.
Debt Covenants and Compliance
The indentures governing our senior notes contain covenants that, among other matters, limit (i) our ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to, another person, (ii) our and certain of our subsidiaries’ ability to create or assume liens, and (iii) our and certain of our subsidiaries’ ability to engage in sale and leaseback transactions. We may, at our option, redeem the senior notes, in whole or in part, at any time and from time to time, at the applicable redemption price.
The revolving credit facility contains various restrictions and covenants that require us to, among other things, limit our consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times our consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and expenses and certain other adjustments during the period of four fiscal quarters then ended, subject to certain exceptions.
41

Table of Contents                                 
During the year ended December 31, 2023, we were in compliance with all financial debt covenants. Our ability to meet future debt covenant requirements will depend on our continued ability to generate earnings and cash flows. We expect to remain in compliance with all terms and conditions associated with our outstanding debt, including financial debt covenants.
Debt Guarantees
We maintain noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively, the “Lending Joint Ventures”). The Lending Joint Ventures maintain, as amended in April 2022, variable-rate term loan facilities with aggregate outstanding borrowings of $437 million in senior unsecured debt at December 31, 2023 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027. There were $24 million of outstanding borrowings on the revolving credit facilities at December 31, 2023. We have guaranteed the debt of the Lending Joint Ventures and do not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations. We maintained a liability of $31 million at December 31, 2023 for the estimated fair value of our non-contingent obligations to stand ready to perform over the term of the guarantee arrangements. Such guarantees will be amortized in future periods over the contractual term of the debt. In addition, we maintained a contingent liability of $23 million at December 31, 2023, representing the current expected credit losses to which we are exposed. This contingent liability is estimated based on certain financial metrics of the Lending Joint Ventures and historical industry data, which is used to develop assumptions of the likelihood the guaranteed parties will default and the level of credit losses in the event a default occurs. We have not made any payments under the guarantees, nor have we been called upon to do so.
Other
Access to capital markets impacts our cost of capital and our ability to refinance maturing debt and fund future acquisitions. Our ability to access capital on favorable terms depends on a number of factors, including general market conditions, interest rates, credit ratings on our debt securities, perception of our potential future earnings and the market price of our common stock. As of December 31, 2023, we had a corporate credit rating of Baa2 with a stable outlook from Moody’s Investors Service, Inc. (“Moody’s”) and BBB with a stable outlook from Standard & Poor’s Ratings Services (“S&P”) on our senior unsecured debt securities. As of December 31, 2023, we had a commercial paper credit rating of P-2 from Moody’s and A-2 from S&P.
The interest rates payable on certain of our senior notes and commercial paper notes programs are subject to adjustment from time to time if Moody’s or S&P changes the debt rating applicable to the notes. If the ratings from Moody’s or S&P decrease below investment grade, the per annum interest rates on certain senior notes are subject to increase by up to two percent. In no event will the total increase in the per annum interest rates exceed two percent above the original interest rates, nor will the per annum interest rate be reduced below the original interest rate applicable to the senior notes.
Cash and Cash Equivalents
Investments, exclusive of settlement assets, with original maturities of 90 days or less that are readily convertible to cash are considered to be cash equivalents as reflected within our consolidated balance sheets.
The table below details our cash and cash equivalents held at:
December 31,
(In millions)
2023
2022
Available$450 $288 
Unavailable (1)
754 614 
Total $1,204 $902 
(1)Represents cash held by our joint ventures that is not available to fund operations outside of those entities unless the board of directors of the relevant entity declares a dividend, as well as cash held by other entities that are subject to foreign exchange controls in certain countries or regulatory capital requirements.
42

Table of Contents                                 
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Market risk refers to the risk that a change in the level of one or more market prices, interest rates, currency exchange rates, indices, correlations or other market factors, such as liquidity, will result in losses for a certain financial instrument or group of financial instruments. Our senior management actively monitors certain market risks to which we are exposed, primarily from fluctuations in interest rates and foreign currency exchange rates. In order to limit our exposure to these risks, we may enter into derivative instruments with creditworthy institutions to hedge against changing interest rates and foreign currency rate fluctuations. We currently utilize forward exchange contracts, fixed-to-fixed cross-currency rate swap contracts and other non-derivative hedging instruments to manage risk.
Interest Rate Risk
In addition to existing cash and cash equivalents balances and cash provided by operating activities, we use a combination of fixed- and variable-rate debt instruments to finance our operations. We are exposed to interest rate risk on certain of these debt obligations. We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of $20.0 billion and $2.3 billion, respectively, at December 31, 2023. Our fixed-rate debt at December 31, 2023 primarily consisted of fixed-rate senior notes with a fair value of $19.3 billion, based on matrix pricing which considers readily observable inputs of comparable securities. The potential change in fair value of our fixed-rate senior notes from a hypothetical 1% change in market interest rates would not alone impact any decisions to repurchase our outstanding fixed-rate debt instruments before their maturity. Our variable-rate debt at December 31, 2023 primarily consisted of outstanding U.S. dollar and Euro commercial paper and borrowings on our variable rate foreign lines of credit. Based on our outstanding debt balances and interest rates at December 31, 2023, a hypothetical 1% increase in market interest rates related to our variable-rate debt would increase annual interest expense by approximately $23 million. This sensitivity analysis assumes the outstanding debt balances at December 31, 2023 and the change in market interest rates is applicable for an entire year.
In connection with processing electronic payments transactions, funds received from subscribers are invested into short-term, highly liquid investments from the time we collect the funds until payments are made to the applicable recipients. Fluctuations in market interest rates affect the interest-related income that we earn on these investments. We also earn interest on intermediary settlement cash balances received from agents, payment networks, bank partners, merchants or direct consumers that we hold on behalf of merchants until the funding becomes due to the merchants or payees. Subscriber funds and intermediary settlement cash balances earning interest averaged $3.4 billion during the year ended December 31, 2023. The interest earned on subscriber funds and intermediary settlement cash is recorded as a component of total revenue in the consolidated statements of income. During the year ended December 31, 2023, a hypothetical 1% decrease in market interest rates would decrease the annual interest-related income by approximately $34 million. This sensitivity analysis uses the average subscriber fund and intermediary settlement cash balances during the year ended December 31, 2023 and assumes the change in market interest rates is applicable for an entire year.
Our risk with regard to interest rate fluctuations is largely mitigated by the offsetting impacts associated with our variable-rate debt and interest earning liquid investments associated with subscriber funds and intermediary settlement cash.
Foreign Currency Risk
We conduct business globally and are exposed to foreign currency risk from changes in the value of underlying assets and liabilities of our non-U.S. dollar-denominated foreign investments and foreign currency transactions. We manage the exposure to these risks through the use of foreign currency forward exchange contracts, fixed-to-fixed cross-currency rate swap contracts and non-derivative net investment hedges. Translation gains and losses from non-U.S. subsidiaries are generally reflected as a component of accumulated other comprehensive loss within shareholders’ equity on the consolidated balance sheets. For subsidiaries located in highly inflationary economies, the financial statements are remeasured into U.S. dollars, and the foreign currency gains and losses from the remeasurement of monetary assets and liabilities are reflected in the consolidated statements of income, rather than in shareholders’ equity. The remeasurement of monetary assets and liabilities of our Argentina subsidiary resulted in net pre-tax foreign currency exchange losses of $164 million and $52 million during the years ended December 31, 2023 and 2022, respectively.
Our exposure to foreign currency exchange risks generally arise from our international operations to the extent they are conducted in local currency. Approximately 15% of our total revenue was generated internationally in 2023. The major currencies to which our revenues are exposed are the Argentine Peso, Brazilian Real, British Pound, Euro and Indian Rupee.
A strengthening or weakening of the U.S. dollar, relative to the currencies in which our income is denominated, by 10% would have resulted in a decrease or increase, respectively, in our reported operating income as follows:
43

Table of Contents                                 
Year Ended December 31,
(In millions)20232022
EMEA (Europe, Middle East and Africa)
$$
APAC (Asia-Pacific)
— 1
LATAM (Latin America)
51 9
Total increase or decrease$52 $15 
We maintain foreign currency forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee. At December 31, 2023, the notional amount of these derivatives was $443 million, with a fair value of $2 million. In addition, we maintain fixed-to-fixed cross-currency rate swap contracts to hedge a portion of our net investment in certain subsidiaries whose functional currencies are in the Euro and Singapore Dollar. At December 31, 2023, aggregate notional fixed-to-fixed cross-currency rate swaps of 400 million Euros and 751 million Singapore Dollars were designated as net investment hedges. We also designated certain of our Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of our net investment in certain subsidiaries whose functional currencies are the Euro and British Pound. Additionally, we maintain fixed-to-fixed cross-currency swap contracts, designated as fair value hedges, to mitigate the spot foreign exchange rate risk on the principal amount of certain foreign currency denominated debt.
44

Table of Contents                                 
Item 8.  Financial Statements and Supplementary Data
Index to Consolidated Financial Statements
 Page

45

Table of Contents                                 
Fiserv, Inc.
Consolidated Statements of Income
(In millions, except per share data)
Year Ended December 31,
202320222021
Revenue:
Processing and services (1)
$15,630 $14,460 $13,307 
Product3,463 3,277 2,919 
Total revenue19,093 17,737 16,226 
Expenses:
Cost of processing and services5,332 5,771 6,084 
Cost of product2,338 2,221 2,044 
Selling, general and administrative6,576 6,059 5,810 
Net gain on sale of businesses and other assets(167)(54) 
Total expenses14,079 13,997 13,938 
Operating income5,014